AUD/CAD – 4H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the bearish trendline up.
An ascent up to the next resistance level at 0.89899 is certain.
Caution: A possible trend reversal in the direction of the support line at 0.88881 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Up’ candle chart pattern is found. The candles form ‘Three Outside Up’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89738 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Up