Dale_Ansel
Long

AUDCAD - ROUNDING BOTTOM (BASIC PATTERN) - BUY

FX:AUDCAD   Australian Dollar/Canadian Dollar
152 3 4
Nice and simple Bullish Pattern here.

According to the stats this pattern has a 95% chance of a Bullish Movement
after a breakout of the neckline.

I would have liked to see it test resistance first, bounce and then
retrace and retest and break above / close above, but I'll take it.

Good Luck!
If you consider the high as of 2014/12/05 then you may find that is has not been broken decisively yet, And if you look at the bearish divergence of the RSI you may doubt in a rise.
+1 Reply
Dale_Ansel PRO motleifaul
As far as a target, i was only looking at hitting previous resistance level of around 1.0200. This level has been touched
and rejected 6 times in the past, so price is certainly no stranger to this area. One never knows what price or the market
will do and all a good trader can do is look at the setup and make a judgment call. Thanks for your comment, I appreciate
the feedback! =)
+1 Reply
Dale_Ansel PRO Dale_Ansel
Price retraced back to the 0.618 Fib and has moved back up to resistance, that's what I was hoping for....
Now if it make it back up and through it might go as planned! Let's wait and see.
+1 Reply
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