AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bullish trendline downwards
A bearish descent down to the next support at 0.90758 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 0.91378 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Engulfing’ candlestick pattern is found. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91747 |
| 2nd High | 0.91641 |
| Next High | 0.91378 |
| Current Price | 0.90767 |
| Next Low | 0.90758 |
| 2nd Low | 0.90681 |
| 3rd Low | 0.90494 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing