AUD/CAD – 1H – SELLAdditionally a ‘Double bottom retreat down’ chart formation is existing. The chart picture shows ‘Double bottom retreat down’. this is a bearish chart scenario. The currency pair is likely to go down.
The pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline downwards
A continuation of the bearish trend downwards to the next support level at 0.87897 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 0.89051 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Three Black Crows’ candlestick chart pattern is detected. The chart forms ‘Three Black Crows’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89371 |
| 2nd High | 0.89273 |
| Next High | 0.89051 |
| Current Price | 0.89021 |
| Next Low | 0.87897 |
| 2nd Low | 0.87890 |
| 3rd Low | 0.86205 |
0.89051 – 0.89273 – 0.88819 – 0.87897 – 0.88549 – 0.88203
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Three Black Crows