RoseAguilar

Simple to read. Bullish AUDCAD with the help of Falling wedge

FX:AUDCAD   Australian Dollar/Canadian Dollar
30 2 4
A short explanation for beginners willing to understand Trading using Wedge Patterns.
After an eagle eye (which you will develop in time if you dedicate time and effort on Forex charts) you will be able to identify this pattern. Simply it has the shape of a WEDGE.
In this example ( AUDCAD             ), I identify a falling wedge, which, theoretically, it will lead to an uptrend of the pair currency.
I also used Fibonacci retracement tool from Trading view to choose a potential target for taking profits.In this case, @ 0.99404 which sits at 0.618 retracement line.
snapshot
KpD
2 months ago
Spot on analysis
Reply
RoseAguilar KpD
2 months ago
Thanks. Sometimes, simple tools make big difference....in the money ;)
Reply
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