AUD/CAD – 4H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A bearish movement down to the next support at 0.88881 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 0.90173 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 0.88881 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 0.90173 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Stick Sandwich’ candlestick chart pattern is discovered. The candles form ‘Stick Sandwich’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Stick Sandwich’ heading up is 62% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90868 |
| 2nd High | 0.90789 |
| Next High | 0.90173 |
| Current Price | 0.89249 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Stick Sandwich