AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline downwards
A bearish descent down to the next support at 0.89623 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.90009 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bullish Engulfing’ candle chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90009 |
| Current Price | 0.89941 |
| Next Low | 0.89623 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing