AUD/CAD – 30M – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support line at 0.89668 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.89987 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 0.897795 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 0.89987 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bearish Engulfing’ candle pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90009 |
| Next High | 0.89987 |
| Current Price | 0.89886 |
| Next Low | 0.89668 |
| 2nd Low | 0.89550 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing