AUD/CAD – 4H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bullish trendline downwards
A bearish movement down to the next support line at 0.89830 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.90789 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.90322 |
| Next Low | 0.89830 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing