AUD/CAD – 4H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support at 0.88881 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 0.89899 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘On Neck’ candle pattern is detected. The chart shows ‘On Neck’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89471 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |