StampsFX

CADAUD Headed Lower to Retest 2017 trend line

Short
FX_IDC:CADAUD   CANADIAN DOLLAR / AUSTRALIAN DOLLAR
CADAUD appears to be heading lower. It is in a very deep downtrend. The market has formed a "W" pattern, which is a bullish sign BUT it appears that price has bumped against the upper trend line . The market has not retested the 1.000 level so this tells me price may still be headed down. Hopefully the buyers won't get trapped in the market.