AUDCAD - Waiting for the LONG
AUDCAD has been very kind to us in the past and is now setting up for another gift.
The Weekly has approached a double bottom and there is a little buying activity.
However, we can see from our extensions (green and purple) that a move lower is possible. Price action has smashed through the 1.272 and so we expect it to reach the 1.618 or even the 2.
Keep an eye on this, we may see a bear flag or two along the way.
It may be a little early but we are setting up.......
The Weekly has approached a double bottom and there is a little buying activity.
However, we can see from our extensions (green and purple) that a move lower is possible. Price action has smashed through the 1.272 and so we expect it to reach the 1.618 or even the 2.
Keep an eye on this, we may see a bear flag or two along the way.
It may be a little early but we are setting up.......
Comment:
The buying on the daily is suggesting it's a little weak and there is more downside to come....
