AUD/CAD – 4H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bearish trendline downwards
A continuation of the downtrend down to the next support line at 0.90340 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 0.90868 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Breakaway’ candle pattern is discovered. The chart shows ‘Bearish Breakaway’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Breakaway’ heading down is 63% (Bull Market) & 89% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91378 |
| 2nd High | 0.91347 |
| Next High | 0.90868 |
| Current Price | 0.90394 |
| Next Low | 0.90340 |
| 2nd Low | 0.89830 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Breakaway