tradingdiaries
Long

Reverse head and shoulder formation

FX:AUDCAD   Australian Dollar/Canadian Dollar
The AUDCAD             shows in my opinion a reverse head and shoulders formation and could be break out to the upside in the near future.
Near the necline is a resistence between 0.9580 and 0.9600. This area was tested back in march this year and november last year. Also around May the price moved around this area.
I will watching this close and update if a good opportunity for a trade is showing.

Thanks
Dennis
Comment: Today the price broke through the neckline so I will wait for a pullback and eventually jump in the trade then.
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