Expanding Wedge + Liquidity at the top
AUDCAD moved in the downside direction in an expanding wedge pattern. It is seen on the Daily and even better on the Weekly timeframe.
Both of the currencies are influenced by commodity prices. The difference maker might be interest rates of the central bank with CAD winning here (hence downside bias).
I think the makers might use volatility derived from the war to push the market further up beyond the wedge borders. There are two fractal tops at roughly the same spot which means --- liquidity.
I want to short from that area.
Both of the currencies are influenced by commodity prices. The difference maker might be interest rates of the central bank with CAD winning here (hence downside bias).
I think the makers might use volatility derived from the war to push the market further up beyond the wedge borders. There are two fractal tops at roughly the same spot which means --- liquidity.
I want to short from that area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.