A possible bearish pattern is visible on the AUDCAD 4 hour time frame. The blue bearish pattern still needs to make a push higher to complete point D at the BC 0.50% Fib. retracement level where AUDCAD can possibly find sellers to push the pair lower. The BC 0.50% Fib. level is also situated in a possible support/resistance zone. If looking to trade AUDCAD traders should be patient and wait for price to make a move higher to the minimum BC 0.50% Fib. retracement level. Waiting for price to hit the BC 0.50% Fib. retracement minimum and watching for price to remain below the 0.98 handle will be key signs. If price remains below 0.9800 watch for a reaction lower off the BC 0.50% Fib. level in sequences of lower lows and lower highs which will confirm the market has exhausted the upside and will resume the down trend to retest the April 1 2021 lows. First target level will be the blue point C low and 2nd target will be at the AB 2.24% Fib. level. Only time will tell what AUDCAD will do. For now watch to see if price respects the BC 0.50% Fib level for possible selling opportunities.
AUDCAD 4 Hour Chart 4.14.2019
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX
*** Always use proper risk/money management according to your account size ***
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