gbpaud is in this triangle pattern on the weekly. Price than consolidated on the daily with price creating a bear flag.
1hr shows a breakout of that bear pattern with hopes that price retraces back to the 0.236/0.382 retracement zone.
On the aud/jpy short set up, I see a potential bearish reversal.
Price seems to be in contact with the resistance zone several times so I'm going to go ahead and suggest price will be driven lower hopefully towards the newly formed lower low.
Fib shows 0.382/0.618 retracement depending if you've used the lower low body or wick. Delving into the lower...
i've been looking for this setup to complete for a very long time, now price has finally finished the AB=CD patterns i was paying attention to.
The reason why i was so interested in these pattern is because their completion point line up pretty well with a daily and weekly structure looking left.
Besides, also the 382 retracement of the bigger impulse...
today i want to share with you a simple setup we have on USDCAD. The overall trend is bearish, and price is now testing the 382 retracement of the bigger impulsive leg. After the first failed attempt it has came up at the same level creating a nice double top. If the current candle will close red, then i will be shorting this pair, with first target at...