AUD/CAD – 30M – SELLIn addition a ‘Double bottom retreat down’ chart pattern is detected. The chart picture forms ‘Double bottom retreat down’. which is a negative pattern signal. The currency pair is likely to fall.
The combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline downwards
The bearish trend down to the next support line at 0.88203 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 0.88784 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Tweezers Top’ candlestick chart pattern is found. The chart shows ‘Tweezers Top’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88863 |
| 2nd High | 0.88819 |
| Next High | 0.88784 |
| Current Price | 0.88651 |
| Next Low | 0.88203 |
| 2nd Low | 0.87970 |
| 3rd Low | 0.87890 |
0.88784 – 0.88819 – 0.88734 – 0.88203 – 0.88297 – 0.87970
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Tweezers Top