AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline up.
An ascending movement up to the next resistance at 0.90748 is expected.
Caution: A possible trend reversal in the direction of the support level at 0.90340 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Current target is 0.91022362 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of resistance at 0.90748 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Up’ candlestick chart pattern is detected. The chart shows ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90748 |
| Current Price | 0.90647 |
| Next Low | 0.90340 |
| 2nd Low | 0.89830 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up