AUD/CAD – 1H – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the ascending trendline down.
A bearish descent down to the next support level at 0.88880 is considered certain.
Caution: A possible change in the direction of resistance at 0.89275 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Last Engulfing Top’ candlestick pattern is found. The candles show ‘Last Engulfing Top’. which is a negative 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 ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90173 |
| 2nd High | 0.89932 |
| Next High | 0.89275 |
| Current Price | 0.89249 |
| Next Low | 0.88880 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Top