AUD/CAD – 4H – 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 level at 0.90340 is expected.
Caution: A possible counter-trend in the direction of resistance at 0.90868 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91378 |
| 2nd High | 0.91347 |
| Next High | 0.90868 |
| Current Price | 0.90645 |
| Next Low | 0.90340 |
| 2nd Low | 0.89830 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing