In addition a ‘Double top chart pattern’ chart layout is discovered. The chart picture forms ‘Double top chart pattern’. this is a bearish pattern signal. The pair is likely to go down.
The currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the downward movement down to the next support at 1.36496 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 1.36743 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Support Level’ indicator signal is detected. The indicator is ‘Support Level’. which could be a negative chart scenario. The currency pair is likely to fall.
In addition a ‘Matching Low’ chart pattern is discovered. The candles form ‘Matching Low’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.36926 |
2nd High | 1.36900 |
Next High | 1.36743 |
Current Price | 1.36580 |
Next Low | 1.36496 |
2nd Low | 1.36342 |
3rd Low |
1.36743 – 1.36900 – 1.36926 – 1.36496 – 1.36633 – 1.36676
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low