AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline down.
A descending movement downwards to the next support level at will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.90785 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Matching Low’ candle pattern is found. The candles form ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90868 |
| 2nd High | 0.90789 |
| Next High | 0.90785 |
| Current Price | 0.89754 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low