AUD/CAD – 4H – BUYBesides a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. which could be a negative signal. The currency pair could go down.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 0.970975 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 0.98679 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Last Engulfing Bottom:’ candle chart pattern is discovered. The chart shows ‘Last Engulfing Bottom:’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.98679 |
| Current Price | 0.97876 |
| Next Low | 0.97471 |
| 2nd Low | 0.97411 |
| 3rd Low | 0.96835 |
0.98679 – 0.97994 – 0.9801 – 0.97471 – 0.97411 – 0.96835 —
0.97838 – 0.97991 —
49.535395494827 – 53.313412984111 —
– —
0.98679 – 1776312000
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Bottom: – – – – – – – – –