AUD/CAD – 30M – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support line at 0.88391 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.88806 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Two Crows’ candlestick chart pattern is detected. The candles form ‘Two Crows’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.88999 |
| 2nd High | 0.88986 |
| Next High | 0.88806 |
| Current Price | 0.88679 |
| Next Low | 0.88391 |
| 2nd Low | 0.87991 |
| 3rd Low | 0.87890 |
0.88806 – 0.88793 – 0.88986 – 0.88391 – 0.88412 – 0.88654