Previously, we failed to see a 261.8% fib level movement with price heading near that level. Currently, we managed to see a BULLISH retracement with candles retesting the 161.8% fib level followed by a BULLISH continuation. Having said that, the candles we saw retesting the 161.8% fib level do not seem to signal BULLISH strength. In fact, if we look at candlestick pattern the first two candle might be a BEARISH signal with the third candle showing minimal BULLISH strength with no confirmation on that day (third candle was of same size as the previous 2 candles). With that, I am expecting some BEARISH pressure on AUDCAD as it heads towards the ichi cloud and 100% fib level. This could be a possible turning point for a greater downside movement.
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