AUD/CAD – 4H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline upwards
A bullish trend up to the next resistance level at 0.89899 is expected.
Caution: A possible counter-trend in the direction of the support level at 0.88881 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Inverted Hammer’ candlestick pattern is found. The chart shows ‘Inverted Hammer’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89809 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Inverted Hammer