AUD/CAD – 30M – SELL

The combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline down.

A continuation of the downtrend down to the next support line at 0.90711 is likely expected.

Caution: A possible trend reversal in the direction of the resistance line at 0.91065 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 0.90848352 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support zone at 0.91065 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.

Besides a ‘Bearish Engulfing’ chart pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. 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%.

Download AUD/CAD Signal Image

Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing