The main trend of AUDCAD is bearish, after 3 rejection at 0.9357 the price didn't form a new HH, instead making a Hl, and forms a low parallel to the previous low.
Let's see if the H4 candle can break out and close below that line.
At the end of the day I believe AUDCAD will reach the strong support at 0.9256 to finish wave C and its abcd pattern
SL : 0.9409
TP : 0.9256
R : 2
Let's see if the H4 candle can break out and close below that line.
At the end of the day I believe AUDCAD will reach the strong support at 0.9256 to finish wave C and its abcd pattern
SL : 0.9409
TP : 0.9256
R : 2
Note
Candle failed to break the support, it is up to you to do a partial close, or close All, or let it close according to the trading planNote
AUDCAD appears to have formed a descending triangle in which there are 5 waves inside, the potential for a decline is still there as long as the price doesn't get out of the upper trendline, in the next 2 hours it will determine whether it will go down or break the upper trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.