AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bearish trendline down.
A continuation of the downtrend down to the next support level at 0.90681 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.91065 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91293 |
| 2nd High | 0.91133 |
| Next High | 0.91065 |
| Current Price | 0.90917 |
| Next Low | 0.90681 |
| 2nd Low | 0.90439 |
| 3rd Low | 0.90384 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing