AUD/CAD Double Bottom Confirmation Line reached
Daily TF shows us a double bottom pattern, price just reached the confirmation line.
We also have a break of our trend line down from April.
We have a TK cross, Base line and conversion line are pointing up and the price has entered the Ichimoku Cloud.
Lagging Span has already intersected the price chart.
Switching to the 4HTF - shows us that we may be due for a retracement.
The 23.6% Fibo level down coincides with the local trend line.
As a result:
Target down is 0.90441 23.6% Fibo. If we have a deep correction further targets will be 0.90187 38.2% FIbo then 0.89983 50%Fibo and finally 0.89778 61.8% Fibo which is also the bottom of the Ichimoku cloud.
Long positions – target is at 0.91104 61.8% Fibo. After which we have to rearrange our Fibo, next area of resistance will be at 0.91458
We also have a break of our trend line down from April.
We have a TK cross, Base line and conversion line are pointing up and the price has entered the Ichimoku Cloud.
Lagging Span has already intersected the price chart.
Switching to the 4HTF - shows us that we may be due for a retracement.
The 23.6% Fibo level down coincides with the local trend line.
As a result:
Target down is 0.90441 23.6% Fibo. If we have a deep correction further targets will be 0.90187 38.2% FIbo then 0.89983 50%Fibo and finally 0.89778 61.8% Fibo which is also the bottom of the Ichimoku cloud.
Long positions – target is at 0.91104 61.8% Fibo. After which we have to rearrange our Fibo, next area of resistance will be at 0.91458