AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the bearish trendline up.
An ascending movement up to the next resistance at 0.89938 is certain.
Caution: A possible reversal of the trend in the direction of support at 0.89550 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 0.900335 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 0.89938 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Up’ chart pattern is discovered. The chart shows ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90009 |
| Next High | 0.89938 |
| Current Price | 0.89914 |
| Next Low | 0.89550 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up