AUDCAD: Descending triangle Squeeze - Exciting!!
We're coming to the end of the long-term descending triangle.
I'm generally expecting some big shifts across the markets by the end of November, in terms of reversals and this is one pair hot on my radar.
I don't thin we'll break out for a few weeks, but I've got daily tabs on this, as coming to the end of the descending triangle with really solid support.
Cad is benefitting from oil prices which is being supported by the middle east crisis, Aussie has been down for most of the year so expecting a shift in sentiment here.
This is a good one to watch!
I'm generally expecting some big shifts across the markets by the end of November, in terms of reversals and this is one pair hot on my radar.
I don't thin we'll break out for a few weeks, but I've got daily tabs on this, as coming to the end of the descending triangle with really solid support.
Cad is benefitting from oil prices which is being supported by the middle east crisis, Aussie has been down for most of the year so expecting a shift in sentiment here.
This is a good one to watch!
Comment:
I didn't take this trade as I wasn't ready for the breakout, I thought we'd continue into the wedge, but it would have been a good one. The breakout from such a long downtrend suggests a reversal, so will keep monitoring for a long opportunity around 0.8725
