Hey Traders, hope you are all well and enjoying your weekend,
I have some analysis on AUDCAD I want to share with you so lets get straight down to business.
As always we always do multi-timeframe analysis.
As we can see on the monthly chart price as made a push to the downside to break previous support, as we all know when price breaks such a level this will now turn to resistance, we can expect a retest of this level,
This new resistance is always the monthly 0.5 fib level
Moving onto the weekly we can see price as made an inverse head and shoulders I have tried to show you as clear as I can on this chart using the brush tool
You can see more clearly on the daily the inverse head and shoulders forming
We would ideally like to see a clear break of the neckline and a retest of the highlight green circle area to send us long on this pair.
Let me know your thoughts and please comment and like if you agree with me