AUD/CAD – 4H – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
The bearish trend down to the next support level at 0.88881 will persist.
Caution: A possible counter-trend in the direction of resistance at 0.89899 could happen.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Current target is 0.89349932 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 0.89899 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Two Crows’ candlestick chart pattern is discovered. The candles form ‘Two Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90789 |
| 2nd High | 0.90032 |
| Next High | 0.89899 |
| Current Price | 0.89523 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |