AUD/CAD – 30M – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline downwards
A continuation of the downward movement down to the next support at 0.89378 is certain.
Caution: A possible change in the direction of the resistance line at 0.89660 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Belt Hold’ chart pattern is found. The candles show ‘Bearish Belt Hold’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89735 |
| 2nd High | 0.89722 |
| Next High | 0.89660 |
| Current Price | 0.89580 |
| Next Low | 0.89378 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Belt Hold