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JonJC

AUDCAD Head and Shoulder Inside a Rising Wedge

Short
Australian Dollar/Canadian Dollar (FX:AUDCAD)  
JonJC  
FX:AUDCAD   Australian Dollar/Canadian Dollar
Harmonic Patterns Trend Analysis Technical Indicators AUDCAD audcadshort audcadanalysis audcadforecast audcadsell audcadsetup Rising Wedge
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harmonicpatterns trendanalysis indicator audcad audcadshort audcadanalysis audcadforecast audcadsell audcadsetup risingwedge
HEAD AND SHOULDER in a RISING WEDGE <3

AUDCAD is forming a head and shoulder pattern inside a rising wedge.
Approaching its daily dynamic resistance, it has made a "hanging man" candle which is a sign of rejection from the top.
At the same time, AUDCAD has already passed EMA 9 20 and 50 which is a good sign for selling.

If 0.8840 will be broken, this may start a 100 to 200pips drop for the bears.
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