AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 0.90939 is expected.
Caution: A possible change in the direction of the resistance level at 0.91187 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ candlestick pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91641 |
| 2nd High | 0.91309 |
| Next High | 0.91187 |
| Current Price | 0.91124 |
| Next Low | 0.90939 |
| 2nd Low | 0.90858 |
| 3rd Low | 0.90758 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing