AUD/CAD – 1H – SELL

The pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards

A continuation of the downward movement down to the next support at 0.89241 is expected.

Caution: A possible counter-trend in the direction of the resistance zone at 0.89667 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

And also a ‘Resistance Level’ indicator signal is found. The indicator shows ‘Resistance Level’. which could be a negative chart scenario. The pair is likely to go down.

And also a ‘Last Engulfing Top’ chart pattern is detected. The chart shows ‘Last Engulfing Top’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).

0.89667 – 0.89607 – 0.89452 – 0.89241 – 0.89210 – 0.89051

Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Top – Double top retreat up