AUD/CAD – 30M – BUYThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 0.86425 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.87178 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ chart pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
Then a ‘Double top chart pattern’ chart formation is found. The chart forms ‘Double top chart pattern’. which is a negative pattern signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89829 |
| 2nd High | 0.87448 |
| Next High | 0.87178 |
| Current Price | 0.86493 |
| Next Low | 0.86425 |
| 2nd Low | 0.86268 |
| 3rd Low | 0.85072 |
0.87178 – 0.87448 – 0.87218 – 0.86425 – 0.86449 – 0.86268
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bullish Engulfing