juicycactuz

audcad gives most likely a false signal

FX_IDC:AUDCAD   Australian Dollar/Canadian Dollar
The recent impulsive move went to the upside. After that a flag pattern was formed. Most Traders would think that after the pattern was broken, they should go long. However, on the daily chart , the trend has been bearish for a long period of time. I have drawn a a resistance line which clearly has rejected the price. Most likely this flag pattern will develop into a wedge . Therefore I recommend not to trade this pair until such pattern emerges. Long positions should anticipate the break of the wedge pattern as well as the resistance line (strong confluence!).
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