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Short

AUD/CAD bullish reversal spotted after 3 white soldiers

FX:AUDCAD   Australian Dollar/Canadian Dollar
163 0 4
3 white soldiers candlestick pattern is figured out on weekly charts of AUDCAD             .

The best percentage price meeting target is 23.6% retracement on either side of break out of trend line .

We could foresee retest of 0.9542 areas (23.6% fibo) most likely occurrence.

Currently, the RSI oscillator is a clear downward convergence with the steep declining prices both on daily and weekly charts.

While strong signs of selling pressure on slow stochastic curve on daily chart as there is clear %D line crossover above 80 levels which is an overbought zone.

Both Intraday and EOD             charts signal flaws in this pair that would plunge down upto 0.9542 levels.

We observed the pair has currently been unable to breach and sustain trend line resistance where prices were rejected at 0.9656. Hence, it is advisable to short near month’s futures for the targets of 60-65 pips with strict stop loss of 30-35 pips which would act as a trendline resistance again, thereby risk reward ratio would be 1:2.
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