LONG AFTER A RETRACE OF THE 50% ON THE DAILY FIBO.

There has been formed a head and shoulders on h1 and it is recently been broken. We would love to see a 4h candle closing big and engulfing above the 0.739 level, which it looks like is soon going to happen. The Take Profit won't be till the supply zone. It will be till the 61.8 fibo retrace of the downwards impulse. Let's play it safe.

Trade closed: stop reached:

After I posted the analisis, I knew it was gonna go wrong. The correlation table with the usdcad is about -74%. which means that if audusd goes up is 74% probable that usdcad goes down. and the analisis for usdcad was to go up, then, this Was for sure gonna go down.... Still have A LOT to learn.