AUDCAD - Early Daily Buy Signals Triggered - H & S Pattern?
Starting to have some nice daily buy signals and bullish divergence appearing across different indicators for this pair where the Aussie has taken the worst beating + clear signs of a head & shoulders pattern forming but where neckline will complete still to be determined. 0.97xx looks to be a possible late run as the neckline.
A generic play through if H&S pattern does plays out - up to you to decide if valid as some would consider the neckline too low/deep.
Will wait for confirmation after price crosses back above the neck line.
TP levels marked from structural, fib and pivot levels.
Will monitor in lower time frames to check for indications of downward exhaustion.
Due to current rhetoric and sentiment in the market - should employ protective profit strategies since this could break down at any point.
A generic play through if H&S pattern does plays out - up to you to decide if valid as some would consider the neckline too low/deep.
Will wait for confirmation after price crosses back above the neck line.
TP levels marked from structural, fib and pivot levels.
Will monitor in lower time frames to check for indications of downward exhaustion.
Due to current rhetoric and sentiment in the market - should employ protective profit strategies since this could break down at any point.
Trade active
