AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline down.
A continuation of the bearish trend down to the next support level at 0.90178 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.91347 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91641 |
| 2nd High | 0.91378 |
| Next High | 0.91347 |
| Current Price | 0.90016 |
| Next Low | 0.90178 |
| 2nd Low | 0.90079 |
| 3rd Low | 0.90002 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing