AUD/CAD – 30M – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards
A continuation of the downward movement down to the next support at 0.90888 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.91109 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. 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 | 0.91388 |
| 2nd High | 0.91293 |
| Next High | 0.91109 |
| Current Price | 0.90924 |
| Next Low | 0.90888 |
| 2nd Low | 0.90812 |
| 3rd Low | 0.90803 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing