AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 0.90137 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 0.90525 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bullish Engulfing’ candle pattern is discovered. The candles form ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91243 |
| 2nd High | 0.90701 |
| Next High | 0.90525 |
| Current Price | 0.90189 |
| Next Low | 0.90137 |
| 2nd Low | 0.90002 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing