AUD/CAD – 4H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at 0.88790 will continue.
Caution: A possible change in the direction of the resistance level at 0.89718 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Last Engulfing Top’ candlestick pattern is discovered. The chart forms ‘Last Engulfing Top’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.91293 |
| 2nd High | 0.90446 |
| Next High | 0.89718 |
| Current Price | 0.89454 |
| Next Low | 0.88790 |
| 2nd Low | 0.87970 |
| 3rd Low | 0.87890 |
0.89718 – 0.89114 – 0.88999 – 0.88790 – 0.87970 – 0.87890
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Last Engulfing Top