AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 0.90733 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 0.91133 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Current target is 0.9088758 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 0.91133 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candle chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91388 |
| 2nd High | 0.91293 |
| Next High | 0.91133 |
| Current Price | 0.90959 |
| Next Low | 0.90733 |
| 2nd Low | 0.90704 |
| 3rd Low | 0.90439 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing