AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline up.
A bullish movement up to the next resistance at 0.90701 is certain.
Caution: A possible reversal of the trend in the direction of the support zone at 0.90002 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 0.906225 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 0.90701 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish SBS White Lines’ candlestick chart pattern is existing. The candles form ‘Bearish SBS White Lines’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91378 |
| 2nd High | 0.91243 |
| Next High | 0.90701 |
| Current Price | 0.90322 |
| Next Low | 0.90002 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish SBS White Lines