AUD/CAD – 1H – BUYThe combination Australian Dollar/Canadian Dollar (AUD/CAD) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance line at 0.89432 is expected.
Caution: A possible reversal of the trend in the direction of the support line at 0.88754 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Northern Doji’ candle pattern is detected. The chart shows ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Moreover a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. which could be a positive signal. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90110 |
| 2nd High | 0.89671 |
| Next High | 0.89432 |
| Current Price | 0.89152 |
| Next Low | 0.88754 |
| 2nd Low | 0.88001 |
| 3rd Low | 0.87970 |
0.89432 – 0.89671 – 0.90110 – 0.88754 – 0.89052 – 0.89351
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Northern Doji