AUD/CAD – 30M – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 0.89066 is expected.
Caution: A possible change in the direction of resistance at 0.89603 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Meeting Lines’ candlestick chart pattern is found. The candles form ‘Bullish Meeting Lines’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90173 |
| 2nd High | 0.89932 |
| Next High | 0.89603 |
| Current Price | 0.89336 |
| Next Low | 0.89066 |
| 2nd Low | 0.88881 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Meeting Lines