AUD/CAD – 4H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline downwards
A bearish movement down to the next support line at 0.89830 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.90789 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Up’ candle chart pattern is detected. The chart forms ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.89914 |
| Next Low | 0.89830 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up