AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A bearish descent down to the next support line at 0.89394 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.90173 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90785 |
| 2nd High | 0.90517 |
| Next High | 0.90173 |
| Current Price | 0.89832 |
| Next Low | 0.89394 |
| 2nd Low | 0.89298 |
| 3rd Low | 0.89215 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing