AUDCAD Analysis
Daily: We can see that the pair has been respecting the EMA 21. It has also printed a shooting star candlestick followed by 2 inside bar. The buying pressure seems to be capped by the EMA 21. In addition the corrective rally seems to have formed a rising wedge.
H4: Looking closer we can clearly see the formation of the wedge with key resistance at 0.9425 followed with a shooting star. Following that, a second touch on the resistance show strong selling pressure, hinting that the corrective rally could be ending.
In addition, the pair has also retraced 60% of the last move with strong rejection on the 0.618 region.
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