Short

Potential Double-Top Formation on AUDCAD (Potential of 830 pips)

Updated

This pair has been on the rise since the outset of 2017 but that all seems to be coming to a halt within the week or so. This is thanks to the potential formation of a double-top pattern at the daily local maximum. Target 1 has also shown very strong S&R levels in the past year so expect the pair to experience some consolidation here before its drop to the 2nd target which has been a support level for quite some time. This target is also the neckline, so for a more aggressive trade the TP would be at Target 3 which has been a support level since late 2013. I'm confident enough to post this here due to the higher time-frame which lends credence to this particular formation (barring a break through the maximum).

Here is a conservative entry:
Entry: 1.02439
SL:1.02740
TP1:1.00730
TP2: 0.96487

Trade active

Note

Target 1 Reached

Note

My prediction regarding the consolidation at Target 1 has come true. I expect it to take a strong bearish turn now towards the neckline.

Cohiba93

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