AUD/CAD – 30M – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline downwards
A descending movement downwards to the next support level at 0.88001 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.89114 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend is certain. Current target is 0.88869184 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the support level at 0.89114 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Tweezers Top’ candlestick chart pattern is detected. The chart shows ‘Tweezers Top’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
Moreover a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. this is usually a bearish chart signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90446 |
| 2nd High | 0.89829 |
| Next High | 0.89114 |
| Current Price | 0.89010 |
| Next Low | 0.88001 |
| 2nd Low | 0.87970 |
| 3rd Low | 0.87890 |
0.88716 – 0.88582 – 0.88722 – 0.88001 – 0.87970 – 0.88229
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Tweezers Top