AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 0.87954 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 0.88520 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Northern Doji’ candle pattern is found. The candles show ‘Northern Doji’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88740 |
| 2nd High | 0.88581 |
| Next High | 0.88520 |
| Current Price | 0.88445 |
| Next Low | 0.87954 |
| 2nd Low | 0.87917 |
| 3rd Low | 0.87639 |
0.88520 – 0.88581 – 0.88740 – 0.87954 – 0.88249 – 0.88252
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Northern Doji