AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline downwards
A bearish movement down to the next support at 0.89668 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.89987 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘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 | 0.90517 |
| 2nd High | 0.90009 |
| Next High | 0.89987 |
| Current Price | 0.89959 |
| Next Low | 0.89668 |
| 2nd Low | 0.89550 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing