AUD/CAD – 30M – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bullish trendline down.
A descent downwards to the next support at 0.88881 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.89899 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Target of the current trend is 0.89681148 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the resistance zone at 0.89899 should always be considered.
Consider stop-loss settings accordingly.
Also there is a ‘Three White Soldiers’ candlestick pattern is detected. The chart shows ‘Three White Soldiers’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89517 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three White Soldiers