AUD/CAD – 4H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 0.88881 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.90173 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bullish Engulfing’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90868 |
| 2nd High | 0.90789 |
| Next High | 0.90173 |
| Current Price | 0.89380 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing