AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline up.
An ascending movement upwards to the next resistance at 0.89714 is considered certain.
Caution: A possible counter-trend in the direction of the support line at 0.89215 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Shooting Star’ candlestick chart pattern is discovered. The candles form ‘Shooting Star’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90032 |
| 2nd High | 0.89899 |
| Next High | 0.89714 |
| Current Price | 0.89764 |
| Next Low | 0.89215 |
| 2nd Low | 0.88881 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Shooting Star