Stop: Above Resistance
First Support Area: 78.751
Break even when price breaks through first support area.
Pin Bar on 2 day chart timeframe.
AUDCAD has made a strong bearish move over the last couple of days, it fell so strongly that I am now expecting a pull back of some sort to the resistance area, I will then await bearish confirmation to enter a short.
This is quite a simple analysis of what may happen to the AUDUSD. On my chart analysis AUDUSD is currently at resistance/support. In my view there are two routes, both routes are outlined in the charts as red and orange. There is potentially a 2:1 RR trading opportunity here.
I know this sounds bizarre perhaps to some of you but not impossible. If the following chart pattern is a rising wedge and breaks out the bottom and falls the same distance as the pattern then you can possibly be looking at a 1:20 RR. Just keep an eye out on this currency.