Chart time frame - H4
Timeframe 1-4 Days
Actions on -
A – Activating Event
Market will meet resistance in zone @0.955 - .... and fall to the 0.942. In order to enter, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market move towards the first Target 1 level @ 0.942
Technical Strategy: Descending Wedge Pattern + Monthly Support
TP1: Base of Pattern
TP2: Next resistance area + Fibonacci Cluster
Commentary: AUD on it's way to a bullish run and CAD is on a decline.
AUDCAD is approaching our first support at 0.9485 (horizontal overlap support, 38.2% fibonacci retracement, 61.8%, 100% fibonacci extension) where a strong bounce to our major resistance at 0.9524 (horizontal overlap resistance, 50% fibonacci retracement) might occur.
Stochastic is also approaching support where we might see a corresponding bounce in price....
We have a red descending channel here, we can also see in the weekly graph the last decline comes after Doji (Doji candlesticks look like a cross) that generally signals a reversal pattern for technical analysts.
In addition to the Stochastic indicator shows that we have another margin of potential price fall
Entry Price: 0.9440