AUD/CAD – 30M – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 0.88881 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.89899 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Two-Candle Shooting Star’ candle chart pattern is found. The candles show ‘Two-Candle Shooting Star’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90517 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89625 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Two-Candle Shooting Star