Trend Reversal on AUD/CAD... Inverted Head & Shoulders
Price has been down trending since April 2014. Obvious swing highs and lows.
The upside rally in January 2015 created a higher high and also a resistance at the 0.99600.
Price has retraced and could be forming an inverted head and shoulders pattern.
The strong engulfing candle is the signal to go long and marks the potential end of a swing low.
Entry price is just above the engulfing candle. The stop loss just below.
Take profit #1 is set at the 0.99600 resistance. Take profit #2 at clear 1.02000 resistance.
The upside rally in January 2015 created a higher high and also a resistance at the 0.99600.
Price has retraced and could be forming an inverted head and shoulders pattern.
The strong engulfing candle is the signal to go long and marks the potential end of a swing low.
Entry price is just above the engulfing candle. The stop loss just below.
Take profit #1 is set at the 0.99600 resistance. Take profit #2 at clear 1.02000 resistance.