FX:AUDCAD   Australian Dollar/Canadian Dollar
Beautiful Inverted Head & Shoulders pattern playing out here on the Daily chart. We now have a series of Higher Highs and Higher Lows as we enter an uptrend, with price trading above both SMAs. We've now pulled back to retest the neckline of our Head & Shoulders pattern, which is also an extremely strong level of support. Both SMAs are acting as support as well, with the upwards trend-line in the mix also. We have a lot of confirmations on this trade, now we must wait for our final confirmation that support is holding. Once we have a rejection of this support and buyers step in, we can anticipate on riding this move to at least the most recent Higher High of .9550.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.