AUD/CAD – 30M – BUYThe pair Australian Dollar/Canadian Dollar (AUD/CAD) goes from the bearish trendline downwards
A continuation of the downtrend down to the next support line at 0.88229 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 0.88722 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Tweezers Top’ candlestick pattern is found. The chart forms ‘Tweezers Top’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
Additionally a ‘Double top chart pattern’ chart pattern is discovered. The chart picture shows ‘Double top chart pattern’. which is a bearish pattern signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89829 |
| 2nd High | 0.89114 |
| Next High | 0.88722 |
| Current Price | 0.88239 |
| Next Low | 0.88229 |
| 2nd Low | 0.87991 |
| 3rd Low | 0.87890 |
0.88722 – 0.89114 – 0.88806 – 0.88229 – 0.88391 – 0.88412
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Tweezers Top