As you can see from my previous analysis, I prefer multiple confluences on the chart as this gives a better opportunity to be accurate when trading. From the chart I see a Head and shoulder pattern and assuming this is correct then it may go the distance of the size of the head of the pattern, as it does usually with most H&S
patterns. The most surprising aspect of this is that, this is the distance to the most recent strong price level. Assuming it retests and rejects this then it may be a tremendous opportunity to buy AUDCAD
, which is currently in a uptrend based on the weekly charts.
*NOT FINANCIAL ADVICE, MERELY AN OPINION*