AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the bearish trendline up.
A bullish ascent upwards to the next resistance line at 0.90173 is likely expected.
Caution: A possible trend reversal in the direction of support at 0.89215 could occur.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bullish Engulfing’ chart pattern is found. The candles show ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90785 |
| Next High | 0.90173 |
| Current Price | 0.89664 |
| Next Low | 0.89215 |
| 2nd Low | 0.88881 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing