AUD/CAD – 1H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bullish trendline down.
A bearish descent down to the next support line at 0.90002 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.90701 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Outside Up’ candlestick pattern is discovered. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91378 |
| 2nd High | 0.91243 |
| Next High | 0.90701 |
| Current Price | 0.90660 |
| Next Low | 0.90002 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up