AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards
A continuation of the downtrend down to the next support line at 0.89565 is certain.
Caution: A possible counter-trend in the direction of resistance at 0.89735 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Matching Low’ candlestick chart pattern is detected. The candles show ‘Matching Low’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90032 |
| 2nd High | 0.89837 |
| Next High | 0.89735 |
| Current Price | 0.89662 |
| Next Low | 0.89565 |
| 2nd Low | 0.89413 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low