To start the bottom trend line can only be validated from may of last year -however since this pattern remains within the uptrend channel I believe the bottom trend line has a valid argument. The internal structures are comprised of 3 moves - moves 2 and 3 are fairly equal throughout all internal structures. There are basically 3 major moves left - a push below...
There is a lot of data coming out this week on Aussie. My bias is down - Aussie is sitting below mid point pitchfork and bottom of channel. Also HS pattern completed .9462. If Aussie breaks below the channel I would expect first target to be neckline of HS at .9050 range
CadJpy is looking very bearish coming off of a top reversal bearish gartley pattern. Price has been forming a broadening top formation which in itself is not a 100% short set up but very suggestive in this type of set up. Price only managed to retrace to 50% of last leg in Gartley. Presently a bear flag is building; targets below would be 90.65 89.04
If the swing low to swing high does not exceed 61 fib then return swing low will be .9388 1.38 fib. Short term play - tight stop losses
pull back to 1.6705 area then advance to 1.6933
Bottom cross trend has been good support for this pair sending it higher in the past - if the same trend continues would expect UCad to head towards 1.1060 1.1075 area before fading away. The bottom target is speculation this pair will end up in wedge pattern around 1.0834 to 1.0880 area.