AUD/CAD – 1H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support at 0.89215 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 0.89714 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Outside Down’ candle chart pattern is discovered. The candles form ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90032 |
| 2nd High | 0.89899 |
| Next High | 0.89714 |
| Current Price | 0.89617 |
| Next Low | 0.89215 |
| 2nd Low | 0.88881 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down