AUDCAD 60 min, potential trendcontinuation trade
- On the daily chart we can see a strong Bullish movement with a 38.2 % retracement. After this retracement there is a potential Bullish trend continuation.
- On this 60 min trading chart, price broke above and closed above the neckline of the head and shoulder pattern.
-Tthis neckline was also a strong resistance level.
- Looking for signals for an entry (long position) when the price retrace back to the neckline.
- Target will be at the D completion point of the AB=CD pattern. This D point also has significant Fib levels (Fib confluence).
- On this 60 min trading chart, price broke above and closed above the neckline of the head and shoulder pattern.
-Tthis neckline was also a strong resistance level.
- Looking for signals for an entry (long position) when the price retrace back to the neckline.
- Target will be at the D completion point of the AB=CD pattern. This D point also has significant Fib levels (Fib confluence).
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