AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A descending movement downwards to the next support level at 0.89378 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 0.89837 could occur.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Matching Low’ candlestick pattern is detected. The chart forms ‘Matching Low’. this is a bullish signal. The currency 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 | 0.90785 |
| 2nd High | 0.90032 |
| Next High | 0.89837 |
| Current Price | 0.89833 |
| Next Low | 0.89378 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Matching Low