AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline downwards
The bearish trend down to the next support at 0.90389 will persist.
Caution: A possible counter-trend in the direction of resistance at 0.90785 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Current target is 0.9034 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support zone at 0.90785 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candle pattern is detected. The candles form ‘Matching Low’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood 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 | 0.90394 |
| Next Low | 0.90389 |
| 2nd Low | 0.90340 |
| 3rd Low | 0.89830 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low