AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support at 0.90439 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.91243 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91641 |
| 2nd High | 0.91378 |
| Next High | 0.91243 |
| Current Price | 0.90475 |
| Next Low | 0.90439 |
| 2nd Low | 0.90384 |
| 3rd Low | 0.90186 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing