AUD/CAD – 30M – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) goes from the ascending trendline down.
A descent down to the next support at 0.88466 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 0.88886 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Tweezers Bottom’ chart pattern is detected. The candles form ‘Tweezers Bottom’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Bottom’ going up is 52% (Bull Market) & 56% (Bear Market).
Moreover a ‘Double top chart pattern’ chart formation is found. The chart forms ‘Double top chart pattern’. this is a bearish pattern signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90446 |
| 2nd High | 0.89829 |
| Next High | 0.88886 |
| Current Price | 0.88565 |
| Next Low | 0.88466 |
| 2nd Low | 0.88090 |
| 3rd Low | 0.87954 |
0.88886 – 0.88781 – 0.88520 – 0.88601 – 0.88466 – 0.88090
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Tweezers Bottom