The currency pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 0.89509 is expected.
Caution: A possible change in the direction of the resistance level at 0.91293 could happen.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Three Black Crows’ chart pattern is existing. The candles form ‘Three Black Crows’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
And also a ‘Double top chart pattern’ chart formation is existing. The formation shows ‘Double top chart pattern’. which is a negative signal. The pair is likely to go down.
And also a ‘Support Level’ indicator layout is detected. The indicator is ‘Support Level’. which is often a bearish chart scenario. The currency pair could go down.
Support & Resistance | Price Range* |
---|---|
3rd High | |
2nd High | |
Next High | 0.91293 |
Current Price | 0.89971 |
Next Low | 0.89509 |
2nd Low | 0.89314 |
3rd Low |
0.91293 – 0.91240 – 0.91075 – 0.90228 – 0.90093 – 0.89509
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Black Crows