USD/CAD – 30M – SELLThe combination moves from the bullish trendline down.
A descending movement downwards to the next support line at 1.39166 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.39504 could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke through the Fibonacci 0-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.39393788 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support level at 1.39504 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Three Black Crows’ candlestick pattern is existing. The candles show ‘Three Black Crows’. chart scenario. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ 82%
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39585 |
| 2nd High | 1.39583 |
| Next High | 1.39504 |
| Current Price | 1.39360 |
| Next Low | 1.39166 |
| 2nd Low | 1.39142 |
| 3rd Low | 1.39103 |