AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline downwards
A bearish descent downwards to the next support level at 0.89524 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.90032 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Three Black Crows’ chart pattern is discovered. The candles form ‘Three Black Crows’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90032 |
| Current Price | 0.89553 |
| Next Low | 0.89524 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Black Crows