AUD CAD HAS BEEN TRAVELLING IN A VERY MAJOR DESCENDING CHANNEL WHICH CAN BE SEENN MORE ON THE WEEKLY AND MONTHLY CHART. (BLUE CHANNEL)
The most recent test on this channel that we just seen was at the top of the channel, on its rally down towards the bottom of the channel price has formed another descending channel marked out in black.
All support and resistance zones are marked out above on the chart, we have literally just seen a test of the top of the channel which indicates a short all the way down to the bottom of the black channel. targets are market out on the analysis
PURPLE RAYS ARE OUR CLOSER SHORT TERM TARGETS
The most recent test on this channel that we just seen was at the top of the channel, on its rally down towards the bottom of the channel price has formed another descending channel marked out in black.
All support and resistance zones are marked out above on the chart, we have literally just seen a test of the top of the channel which indicates a short all the way down to the bottom of the black channel. targets are market out on the analysis
PURPLE RAYS ARE OUR CLOSER SHORT TERM TARGETS
Trade closed: stop reached:
PRICE ACTION IS LOOKING AS IF THE CHANNEL HAS BEEN BROKEN OUT OF RETESTED AND ON ITS WAY UP, CLOSE IN MINIMAL LOSS