AUDCAD is long overdue for a pullback. The last month price has been moving either sideways or slowly creeping up.
Recently price broke resistance of 0.9420 and is trading above that level. Price could very well have printed the "head" of what may turn into a head and shoulders formations.
At this moment price is finding support every time it pulls back to the intraday trendline. I'll be keeping an eye out for this pair to break the 4 hr 50 ema, break bellow 0.942, print a lower low and retest current support as resistance. Potentially in the highlighted "box" on my charts.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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Recently price broke resistance of 0.9420 and is trading above that level. Price could very well have printed the "head" of what may turn into a head and shoulders formations.
At this moment price is finding support every time it pulls back to the intraday trendline. I'll be keeping an eye out for this pair to break the 4 hr 50 ema, break bellow 0.942, print a lower low and retest current support as resistance. Potentially in the highlighted "box" on my charts.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
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