AUD/CAD – 4H – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bullish trendline downwards
A descent down to the next support at 0.88881 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 0.90173 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Latter Bottom’ candlestick pattern is discovered. The chart shows ‘Latter Bottom’. 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 ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90868 |
| 2nd High | 0.90789 |
| Next High | 0.90173 |
| Current Price | 0.89157 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Latter Bottom