AUD/CAD – 30M – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline down.
A continuation of the downward movement down to the next support line at 0.89413 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 0.89722 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Inside Down’ candle pattern is existing. The candles form ‘Three Inside Down’. 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 probability of ‘Three Inside Down’ heading down is 60% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89837 |
| 2nd High | 0.89735 |
| Next High | 0.89722 |
| Current Price | 0.89497 |
| Next Low | 0.89413 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Inside Down