AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bearish trendline downwards
A continuation of the downtrend down to the next support at 0.88543 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 0.88970 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Outside Down’ candle chart pattern is found. 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 chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89469 |
| 2nd High | 0.89371 |
| Next High | 0.88970 |
| Current Price | 0.88735 |
| Next Low | 0.88543 |
| 2nd Low | 0.88497 |
| 3rd Low | 0.88318 |
0.88970 – 0.88961 – 0.89371 – 0.88543 – 0.88613 – 0.88789
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down