glennmercer
Short

SHORT AUDCAD: 13 REASONS

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD             has been in an overall downtrend on the daily chart and has formed two major PRZ's that present opportunities follow the trend using intelligent entries. In addition to 5 bearish harmonic pattern completions, there are AB=CD variations and BC             projections that add to the PRZ confluence. Stops are placed above 1.272XA with targets at the .618 and 1.000 retracements of AD.

Overall Beaish Bias:
1. Daily trend for this pair is down
2. Missed monthly pivot from April, 2009 sits below price

Bearish Confluence in PRZ1:
3. Bearish Gartley pattern completion
4. Bearish alternate bat pattern completion
5. AB=CD completion
6. Significant S/R zone
7. 1.618BC projection

Bearish Confluence in PRZ2:
8. Bearish deep crab pattern completion
9. Bearish butterfly pattern completion
10. Bearish alternate bat pattern completion
11. 1.618AB=CD completion
12. Significant S/R zone
13. 2.27BC projection

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