AUD/CAD – 30M – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 0.88880 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 0.89422 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bullish Engulfing’ candle pattern is detected. The candles form ‘Bullish Engulfing’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89932 |
| 2nd High | 0.89603 |
| Next High | 0.89422 |
| Current Price | 0.89154 |
| Next Low | 0.88880 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing