AUD/CAD – 4H – SELLCorrection of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is certain. Current target is 0.8983 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support zone at 0.90789 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency 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 | 0.91347 |
| 2nd High | 0.90868 |
| Next High | 0.90789 |
| Current Price | 0.89747 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing