AUD/CAD – 1H – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline down.
A bearish trend downwards to the next support line at 0.89215 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.90004 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Collapsing Doji Star’ candlestick chart pattern is detected. The chart forms ‘Collapsing Doji Star’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Collapsing Doji Star’ heading down is 63% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90032 |
| Next High | 0.90004 |
| Current Price | 0.89674 |
| Next Low | 0.89215 |
| 2nd Low | 0.88881 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Collapsing Doji Star