AUD/CAD – 4H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline downwards
A descending movement downwards to the next support level at is certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.90789 is within the realm of possibility.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candlestick pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.89785 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing