AUD/CAD – 30M – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bullish trendline downwards
A bearish trend down to the next support at 0.90499 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.90789 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 0.90789 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance line at 0.90789 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bullish Engulfing’ candle pattern is found. The candles form ‘Bullish Engulfing’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.90739 |
| Next Low | 0.90499 |
| 2nd Low | 0.90389 |
| 3rd Low | 0.90340 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing