A break of the trendline opens up an opportunity for AUDCAD to head lower to 0.9710 region. Prices seemed to have made its retracement and it looks like it will continue lower from here on. Beware of fakeouts
Excellent share.... I am just reluctant at the moment. I don't know I've got this feeling it could also become break out long. Looking at the previous structure, I think this is a cup and handle pattern and the break is the handle of the cup which most likely will break long soon. Also I'm also following the AUDJPY which is forming wedge/flag and is most likely to break long as well. I'm very thankful for your share as I found a trading opportunity.
Great analysis, I think in the long run it will go up. But having a break of a supportive trendline will entitle bears to push harder a bit. I see it heading around 0.9682 before making its next major move. Thank your analysis as well!