The combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support at 0.88881 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 0.90173 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
Support & Resistance | Price Range* |
---|---|
3rd High | 0.90868 |
2nd High | 0.90789 |
Next High | 0.90173 |
Current Price | 0.89183 |
Next Low | 0.88881 |
2nd Low | |
3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing