AUD/CAD – 1H – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 0.90389 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.90868 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Evening Star’ candle chart pattern is existing. The candles show ‘Evening Star’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91378 |
| 2nd High | 0.91347 |
| Next High | 0.90868 |
| Current Price | 0.90539 |
| Next Low | 0.90389 |
| 2nd Low | 0.90340 |
| 3rd Low | 0.89830 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Evening Star