AUD/CAD – 1H – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 0.89215 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 0.90173 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Last Engulfing Bottom:’ chart pattern is existing. The candles show ‘Last Engulfing Bottom:’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90173 |
| Current Price | 0.89449 |
| Next Low | 0.89215 |
| 2nd Low | 0.88881 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Bottom: