AUD/CAD – 30M – SELLThe currency pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 0.88988 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 0.89302 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Two Crows’ chart pattern is existing. The candles show ‘Two Crows’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.89821 |
| 2nd High | 0.89454 |
| Next High | 0.89302 |
| Current Price | 0.89086 |
| Next Low | 0.88988 |
| 2nd Low | 0.88940 |
| 3rd Low | 0.87897 |
0.89302 – 0.89454 – 0.89821 – 0.88988 – 0.89009 – 0.89239