AUD/CAD – 1H – BUY

The combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline downwards

A bearish movement down to the next support line at 0.89215 will persist.

Caution: A possible change in the direction of the resistance level at 0.89932 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Target of the current trend is 0.89157488 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support line at 0.89932 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Three Outside Down’ candlestick pattern is existing. The chart forms ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download AUD/CAD Signal Image

Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down