AUD/CAD – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Target of the current trend is 0.8955 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 0.90009 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90009 |
| Current Price | 0.89699 |
| Next Low | 0.89550 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing