AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 0.89413 is certain.
Caution: A possible change in the direction of the resistance line at 0.89735 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Outside Down’ candlestick pattern is discovered. The candles show ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90032 |
| 2nd High | 0.89837 |
| Next High | 0.89735 |
| Current Price | 0.89603 |
| Next Low | 0.89413 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down