AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support at 0.90803 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 0.91293 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candlestick pattern is existing. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91611 |
| 2nd High | 0.91388 |
| Next High | 0.91293 |
| Current Price | 0.91040 |
| Next Low | 0.90803 |
| 2nd Low | 0.90704 |
| 3rd Low | 0.90439 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing