AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 0.88880 is certain.
Caution: A possible counter-trend in the direction of resistance at 0.89422 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Last Engulfing Top’ chart pattern is existing. The candles form ‘Last Engulfing Top’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89932 |
| 2nd High | 0.89603 |
| Next High | 0.89422 |
| Current Price | 0.89162 |
| Next Low | 0.88880 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Top