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Audcadlong

AUDCAD AnalysisPrice is currently trading within and continuing to form a decending widening wedge (which still hold even on the D1). I made a further analysis on the H4 and foound that price has formed a decending widening wedge too. We are currently nullish from a second resistance trrendline touch. I believe price will continue long until it gives us the third touch on the resistance trendline, before dropping again. On the third support line touch, I expect price will give us an impulse move up (assuming price doesnt break below. In the meantime, I will be looking potential entry opportunities to ride the wave up. *Disclaimer* This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial. #Trade_Like_A_Magnate
Long
by Magnatrio
AUD/CAD Monthly!!!!There are a few confluences that make the situation interesting with this pair. Confluences: 1. Price is over extended when price is over extended we can expect a retracement 2.We have the shoulder, head and_____ we can expect the completion of the head and shoulders. With the movement that we expecting the patter will be complete. 3. M formation We can expect the retracement to the neckline for the completion of the pattern 4.The .618 fibanacci retracement is in confluence with structure specifically with the neckline With all the confluences that we have in our favor we can expect the price to make the retracement to the .618 Fibonacci level. THIS IS ONLY A ANALYSIS FOR DIRECTION OF THE PRICE ONLY. FOR ENTRIES USE YOUR OWN RULES IN LOWER TIME FRAMES. THANK YOU FOR YOUR SUPPORT.
Long
by Wiiso