AUD/CAD – 1H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline downwards
A continuation of the downward movement down to the next support level at 0.90499 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.90789 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Matching Low’ candlestick chart pattern is detected. The chart forms ‘Matching Low’. 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 ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.90645 |
| Next Low | 0.90499 |
| 2nd Low | 0.90389 |
| 3rd Low | 0.90340 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low