AUD/CAD – 1H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline down.
A descending movement down to the next support at 0.90758 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.91641 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Evening Star’ candle pattern is existing. The candles show ‘Evening Star’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.92703 |
| 2nd High | 0.91821 |
| Next High | 0.91641 |
| Current Price | 0.91068 |
| Next Low | 0.90758 |
| 2nd Low | 0.90681 |
| 3rd Low | 0.90439 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Evening Star