VincePrince

CADAUD, Head And Shoulder Confirmed, Continuation Ahead!

FX_IDC:CADAUD   CANADIAN DOLLAR / AUSTRALIAN DOLLAR
Hello Traders Investors And Community,

Welcome to this analysis where we are looking at CADAUD which is sending some quite interesting signals at the moment with a potential continuation ahead and a clear formation which developed we can expect some significant price-actions further developing.

Looking at my chart you can watch there that CADAUD just confirmed outside its strong inverted head-and-shoulder-formation where it moved above the neckline with a decisive volatile move, this formation is normally considered a bottom formation and can provide further up moves when there do not enter any price-actions invalidating the formation. Currently, the pair is approaching resistance which can indicate a pull-back developing next times that can confirm the neckline a second time properly which will happen with a bounce from it, what is supporting this scenario is the 100-EMA marked in orange together with the neckline building a coherent support cluster where a bounce is likely, when this happens it will activate the overall targets at 1.066 marked with the black level in my chart, there is also a 400-EMA marked in blue in which the pair has resistance, therefore it needs to be elevated how the pair is reacting in this range, it is within the possible spectrum that it shows bearish action there as traders taking profit and the resistance validates.

In this manner, thank you for watching the analysis, support for more market insight and all the best my friends.
"Trading is about accessing possibilities, not certainties."

Information provided is only educational and should not be used to take action in the market.
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