AUD/CAD – 4H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline downwards
A descending movement downwards to the next support level at 0.89830 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 0.91347 could be enabled.
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 is certain. Current target is 0.90257396 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support line at 0.91347 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91641 |
| 2nd High | 0.91378 |
| Next High | 0.91347 |
| Current Price | 0.90511 |
| Next Low | 0.89830 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing