AUD/CAD – 30M – SELLThe combination Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A bearish descent down to the next support at 0.89216 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.89452 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Support Level’ indicator signal is discovered. The indicator shows ‘Support Level’. which could be a negative chart signal. The currency pair could go down.
Furthermore a ‘Shooting Star’ candlestick pattern is discovered. The chart forms ‘Shooting Star’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89671 |
| 2nd High | 0.89608 |
| Next High | 0.89452 |
| Current Price | 0.89209 |
| Next Low | 0.89216 |
| 2nd Low | 0.89080 |
| 3rd Low | 0.88940 |
0.89452 – 0.89608 – 0.89306 – 0.89216 – 0.89231 – 0.89227
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Shooting Star – Double bottom retreat down