AUD/CAD – 1H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline down.
A descending movement downwards to the next support line at 0.90710 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 0.91378 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candlestick pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. 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 | 0.91821 |
| 2nd High | 0.91641 |
| Next High | 0.91378 |
| Current Price | 0.90852 |
| Next Low | 0.90710 |
| 2nd Low | 0.90681 |
| 3rd Low | 0.90439 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing