I've been waiting for this setup to unfold for a while now (I was already eyeing the setup in my weekly outlook 2 weeks ago). For the past months, we could see a couple of beautiful swings on the daily for AUDCAD. The price has now reached the previous swing high, which was a strong reaction point last time.
As is often the case for a reversal, we can see a head and shoulders pattern forming. The neckline isn't yet broken, but a very nice pin and drive pattern is now showing. This pattern is often the precursor of a big move.
Given some patience, this could become a nice entry. I'm looking for the 1.01600 level to break first.
As is often the case for a reversal, we can see a head and shoulders pattern forming. The neckline isn't yet broken, but a very nice pin and drive pattern is now showing. This pattern is often the precursor of a big move.
Given some patience, this could become a nice entry. I'm looking for the 1.01600 level to break first.
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The price is now breaking below the most conservative neckline as well. Assuming that the current candle closes below the break, I can see more downside momentum in the upcoming days.
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The Canadian employment change was much better than expected (19.4K vs 5.0K expected), which only helps our trade. Price is moving along nicely now.
The 4H shows a nice momentum candle; if it can close around this level, we might get an entry.