Audcadlong
AUDCAD Setting Up for a 1,000 Pip Move?Hey hey.
My name is Kaci.
In this video, I complete a top down analysis of AUDCAD.
I take a bird's eye view of the longer term move in the market.
In this video, I use fibonacci retracement and extension tool to help me determine my bias.
Right now, I believe we are in a down retracement and price on the weekly has not hit one of our key levels, 38.2, 50. or 61.8.
However, price has hit an extension to the downside off of a shallow retracement.
I believe we may see a short term move to the upside before a longer term move to the downside.
What's your bias on this pair?
AUDCADlast day's price makes a significant downtrend by bouncing the resistance line down and now the price already breakout of the resistance line which means it will go uptrend. Retest has created and nice candle confirmation has created, you can see at the 1H timeframe same structure are created.