AUDCAD LONG
Beautiful Inverted Head & Shoulders pattern playing out here on the Daily chart. We now have a series of Higher Highs and Higher Lows as we enter an uptrend, with price trading above both SMAs. We've now pulled back to retest the neckline of our Head & Shoulders pattern, which is also an extremely strong level of support. Both SMAs are acting as support as well, with the upwards trend-line in the mix also. We have a lot of confirmations on this trade, now we must wait for our final confirmation that support is holding. Once we have a rejection of this support and buyers step in, we can anticipate on riding this move to at least the most recent Higher High of .9550.
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