AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline up.
A bullish trend upwards to the next resistance line at 0.89837 is likely expected.
Caution: A possible counter-trend in the direction of the support level at could happen.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candle chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90032 |
| Next High | 0.89837 |
| Current Price | 0.89596 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing