AUD/CAD – 1H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline down.
A continuation of the downward movement down to the next support level at will persist.
Caution: A possible trend reversal in the direction of the resistance line at 0.89899 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Belt Hold’ chart pattern is existing. The chart forms ‘Bearish Belt Hold’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89203 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Belt Hold