AUDCAD - Where could it go after breaking down?
PAIR: AUDCAD
BIAS: BEARISH
HORIZON: MEDIUM-TERM
Price has nicely formed a head and shoulders pattern, which it broke down from, coinciding with a break of the rising trend line.
We could see price have a retracement to the structure zone, where the 38.2 Fibonacci level is at, and possibly retest the descending trend line as well.
With multiple confluences, this could turn out the be a great trade setup. Watch for bearish price action in the structure zone before any entries.
Let's see how this goes, Cheers!
BIAS: BEARISH
HORIZON: MEDIUM-TERM
Price has nicely formed a head and shoulders pattern, which it broke down from, coinciding with a break of the rising trend line.
We could see price have a retracement to the structure zone, where the 38.2 Fibonacci level is at, and possibly retest the descending trend line as well.
With multiple confluences, this could turn out the be a great trade setup. Watch for bearish price action in the structure zone before any entries.
Let's see how this goes, Cheers!
Trade closed: target reached