AUDCAD descending channel and retest, reversal trend potential
Updated
As we can see the price has broken through the descending channel and retesting from major trendlie to form a higher low.
right at the Major fibonacci retracement 0.618, and Major trendline and there are some rejection on that level, major trend is bulish
there is high possibility the trend will reversal, provided that prices are not form new LL
SL: 0.9482 (70 pips)
TP 1: 0.965
TP 2: 0.9695
TP 3: 0.9722
RR : Look at the line on the right (lime line)
right at the Major fibonacci retracement 0.618, and Major trendline and there are some rejection on that level, major trend is bulish
there is high possibility the trend will reversal, provided that prices are not form new LL
SL: 0.9482 (70 pips)
TP 1: 0.965
TP 2: 0.9695
TP 3: 0.9722
RR : Look at the line on the right (lime line)
Trade closed: target reached
TP 1
you can partial close,
there are 2 possibilities :
1 price will recejtion at the resistance line and a triple top is formed to make a new higher low, and continue to go up
2 the price will break through the resistance and continue the rise
Trade closed: target reached
Tp Final has been reached 😀Note
seen price bounce at the 1.618 line and formed a double doji, u can sell if u want but High Risk
Trade closed: target reached
TP1
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