AUDCAD: In the resistance zone again...Sell ?
Updated
I am looking AUDCAD as a 5 wave up move. For the time being it is creating a text book example.Second wave is a zigzag correcting, 3-rd wave is the extended wave and 5-th wave its equal with the first wave.
1.Divergences in play
2. On Daily chart we can see a nice bearish Engulf candle
3. On 60 min a small Head & Shoulders pattern
As first target I am looking for the 38.2% Fib.Ret at 0.9520 that also corresponds with nice structure zone.
Second target 0.9440 or the minimum for a normal correction 50% Fib.Ret.
Good Luck!
1.Divergences in play
2. On Daily chart we can see a nice bearish Engulf candle
3. On 60 min a small Head & Shoulders pattern
As first target I am looking for the 38.2% Fib.Ret at 0.9520 that also corresponds with nice structure zone.
Second target 0.9440 or the minimum for a normal correction 50% Fib.Ret.
Good Luck!
Note
Daily chartNote
60 min potential H&ShNote
SL at BETrade closed manually
+ 160 pips . Trade closed for 3/4 of the position as it is testing a strong resistance zone again and it may correct higher. 1/4 still open with SL at BE.Note
Trade closed: target reached
Both targets reached
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