Looking at the 4hr TF you can see a retracement hitting the 50-61.8 golden zone level of fib
Zooming into the retracement on the 15min TF shows us a nice head and shoulder pattern forming inside the golden zone
RSI showing overbought
We got double resistance... 1 off the trend line, 2nd off the horizontal resistance
Using Pivot points you can see the price rejecting off of R1
there is a shooting star candle stick pattern on the body of the head and shoulder.. good signs for a reversal
Also notice how on the bigger TF it shows the price bounce off MA200
follow that with that huge bearish engulfing candle on the 4hr... looks like AUDCAD should continue the downtrend
Zooming into the retracement on the 15min TF shows us a nice head and shoulder pattern forming inside the golden zone
RSI showing overbought
We got double resistance... 1 off the trend line, 2nd off the horizontal resistance
Using Pivot points you can see the price rejecting off of R1
there is a shooting star candle stick pattern on the body of the head and shoulder.. good signs for a reversal
Also notice how on the bigger TF it shows the price bounce off MA200
follow that with that huge bearish engulfing candle on the 4hr... looks like AUDCAD should continue the downtrend