A number of things happening on AUDCAD over the next few weeks or months but I believe a pattern is setting up for a big break to the up or down. Time will tell but a definitely one to keep on your radar.
There are several ways you can take this trade . THere are several high probability day trading opportunities
For the larger move, I shall wait for the market to give me signs on what to do next.
- Looking left, we had a false breakout and since then price has trended down making clear lower highs and lower lows.
- Looking for a higher high and higher close above 0.95150 which may signal a shift in trend.
- We also have a (shown in the example) from the swing high of the original move down.
- 4 Hour pattern completing at the 78.6% Fib retracement. There is strong confluence at this level as we also have a Fib extension of 127.2% and an completion
- IF completes as I expect it will, then targets will be at the which also sits right above the underlying for a potential breakout.
- IF none of the above plays out and price action closes below 0.95150 and therefore confirming a lower high/lower close signalling a continued move to the downside. This is also supported by a potential pattern. We know that descending patterns have a high probability oif success.