AUD/CAD – 1H – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 0.90758 will persist.
Caution: A possible counter-trend in the direction of resistance at 0.91641 should be noted.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candlestick pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative 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 | 0.92703 |
| 2nd High | 0.91821 |
| Next High | 0.91641 |
| Current Price | 0.91135 |
| Next Low | 0.90758 |
| 2nd Low | 0.90681 |
| 3rd Low | 0.90439 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing