AUD/CAD – 4H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A descending movement downwards to the next support line at 0.89830 is certain.
Caution: A possible change in the direction of the resistance zone at 0.91347 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish 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 | 0.91641 |
| 2nd High | 0.91378 |
| Next High | 0.91347 |
| Current Price | 0.90552 |
| Next Low | 0.89830 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing