AUDCAD possibly about to break out to Upside

Australian Dollar/Canadian Dollar (FX:AUDCAD)

Updated

FX:AUDCAD Australian Dollar/Canadian Dollar

audcad audcadlong weeklyoutlook trendfollowing fractal williamsfractal

After a short breakout has failed on the higher timeframes in Sep 2015, an immediate reversal occured and this FX pair went all the way from 0,92 to 1,02. Ever since it hit that high it retraced, but never went as low as the previous low in Sep 2015. A possible trend continuation could follow if the indicated fractal buy signal is hit. It would mean the break of important resistance and therefore following the move further to the upside is a possiblity.

Comment:

So far went the other way completely, without triggering the pending buy order. Will leave it in the market for a little while longer until we know more.

Comment:

Sudden turnaround in the middle of the Balance Zone (weekly)! You see that often before a breakout.

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