AUDCAD is fluctuating on the important resistance level, this fluctuation has formed an obvious H&S pattern.
In case of the breakout of minor structure, we're looking to set a sell limit order.
1st Target - 0.94901
2nd Target - 0.94413
AUDNZD is approaching the key structure, where bulls will come into place.
We'll be waiting for the any kind of formation on 1hr timeframe on the key level and breakout of the trend line with consequent retest.
AUDCAD has reached the important level.
I expect rejection from 94.000, there are 3 important points with significant clues towards bearish bias.
- DAILY KEY LEVEL
- REALLY STRONG TREND LINE
- STRONG PRICE 94.000
The channel on the higher timeframe has been broken, so we have a pullback which confirms the bearish bias. The key level is reached on the lower timeframe, therefore we're looking at the bearish breakout of the trend line+confirmation.