AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline up.
An ascent upwards to the next resistance at 0.91245 will persist.
Caution: A possible reversal of the trend in the direction of the support zone at 0.90681 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91388 |
| 2nd High | 0.91293 |
| Next High | 0.91245 |
| Current Price | 0.90923 |
| Next Low | 0.90681 |
| 2nd Low | 0.90494 |
| 3rd Low | 0.90439 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing