AUDCAD has been in an overall downtrend on the daily chart and has formed two major PRZ's that present opportunities follow the trend using intelligent entries. In addition to 5 bearish harmonic pattern completions, there are AB=CD variations and BC projections that add to the PRZ confluence. Stops are placed above 1.272XA with targets at the .618 and 1.000 retracements of AD. Overall Beaish Bias:
1. Daily trend for this pair is down
2. Missed monthly pivot from April, 2009 sits below price
Bearish Confluence in PRZ1:
3. Bearish Gartley pattern completion
4. Bearish alternate bat pattern completion
5. AB=CD completion
6. Significant S/R zone
7. 1.618BC projection
Bearish Confluence in PRZ2:
8. Bearish deep crab pattern completion
9. Bearish butterfly pattern completion
10. Bearish alternate bat pattern completion
11. 1.618AB=CD completion
12. Significant S/R zone
13. 2.27BC projection
Thanks for viewing!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.