AUD/CAD – 1H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 0.89413 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.89735 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90032 |
| 2nd High | 0.89837 |
| Next High | 0.89735 |
| Current Price | 0.89637 |
| Next Low | 0.89413 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing