AUD/CAD – 30M – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bullish trendline down.
A descent down to the next support level at 0.89944 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.90281 could occur.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Target of the current trend is 0.900085 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 0.90281 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Three Outside Down’ chart pattern is discovered. The chart forms ‘Three Outside Down’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91120 |
| 2nd High | 0.90299 |
| Next High | 0.90281 |
| Current Price | 0.90136 |
| Next Low | 0.89944 |
| 2nd Low | 0.89718 |
| 3rd Low | 0.89654 |
0.90281 – 0.90189 – 0.90279 – 0.89944 – 0.89718 – 0.89864
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down