AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline upwards
A bullish ascent up to the next resistance level at 0.89660 is expected.
Caution: A possible counter-trend in the direction of the support zone at 0.89378 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Latter Bottom’ chart pattern is found. The candles form ‘Latter Bottom’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89735 |
| 2nd High | 0.89722 |
| Next High | 0.89660 |
| Current Price | 0.89508 |
| Next Low | 0.89378 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Latter Bottom