AUD/CAD – 30M – SELL

Next a ‘Double bottom retreat down’ chart formation is detected. The chart picture shows ‘Double bottom retreat down’. this is a bearish signal. The pair is likely to go down.

The combination Australian Dollar/Canadian Dollar (AUD/CAD) moves from the descending trendline down.

A continuation of the downward movement down to the next support line at 0.88297 is expected.

Caution: A possible reversal of the trend in the direction of the resistance level at 0.88734 should be noted.
Consider stop-loss settings accordingly.

Next a ‘Three Outside Down’ candle pattern is found. The chart shows ‘Three Outside Down’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

0.88734 – 0.88482 – 0.88423 – 0.88297 – 0.87970 – 0.87987

Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Outside Down