The main trend of AUDCAD is bearish, after 3 rejection at 0.9357 the price didn't form a new HH, instead making a Hl, and forms a low parallel to the previous low.
Let's see if the H4 candle can break out and close below that line.
At the end of the day I believe AUDCAD will reach the strong support at 0.9256 to finish wave C and its abcd pattern
SL : 0.9409
TP : 0.9256
R : 2
Let's see if the H4 candle can break out and close below that line.
At the end of the day I believe AUDCAD will reach the strong support at 0.9256 to finish wave C and its abcd pattern
SL : 0.9409
TP : 0.9256
R : 2
Comment:
Candle failed to break the support, it is up to you to do a partial close, or close All, or let it close according to the trading plan
Comment:
AUDCAD appears to have formed a descending triangle in which there are 5 waves inside, the potential for a decline is still there as long as the price doesn't get out of the upper trendline, in the next 2 hours it will determine whether it will go down or break the upper trendline.