AUD/CAD – 1H – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bullish trendline downwards
A descending movement downwards to the next support level at 0.88391 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.89114 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Northern Doji’ candle chart pattern is found. The chart forms ‘Northern Doji’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
In addition a ‘Double top chart pattern’ chart layout is discovered. The formation shows ‘Double top chart pattern’. which is a negative chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90446 |
| 2nd High | 0.89829 |
| Next High | 0.89114 |
| Current Price | 0.88459 |
| Next Low | 0.88391 |
| 2nd Low | 0.87991 |
| 3rd Low | 0.87890 |
0.89114 – 0.88986 – 0.88922 – 0.88391 – 0.88412 – 0.87991
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Northern Doji