AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline up.
A continuation of the upward movement up to the next resistance line at 0.90785 will persist.
Caution: A possible trend reversal in the direction of support at 0.90499 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend will persist. Target of the current trend is 0.905645 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of resistance at 0.90785 should always be considered.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Outside Up’ candle pattern is discovered. The chart forms ‘Three Outside Up’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90868 |
| 2nd High | 0.90789 |
| Next High | 0.90785 |
| Current Price | 0.90542 |
| Next Low | 0.90499 |
| 2nd Low | 0.90389 |
| 3rd Low | 0.90340 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up