AUD/CAD – 30M – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline down.
A continuation of the bearish trend downwards to the next support line at 0.88881 will persist.
Caution: A possible change in the direction of the resistance level at 0.89422 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Belt Hold’ chart pattern is found. The chart forms ‘Bearish Belt Hold’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89932 |
| 2nd High | 0.89603 |
| Next High | 0.89422 |
| Current Price | 0.88996 |
| Next Low | 0.88881 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Belt Hold