AudCad Analysis.
Of recent, this pair has been experiencing nice wave movements up and down. The medium term is bearish!
The recent upward push we are experiencing might be a correction after which the bearish move will resume.
The reversal level indicated below signal a possible end to a potential wave-4 movement. This is not just a movement but a 3 swing ABC wave pattern movement or what many harmonic traders know as Gartley harmonic pattern if the fib-ratios are added. The fib-ratios added make the indicated reversal zone,a strong magnetic area for price to reverse.
There is a potential gartley forming under a strong trendline and a rough resistance, so the outlook is bearish
Presently, market is looking like wanting to reverse from this level which could possibly happen but care should be taken before entry as there is room for more pips upward.
My entry strategy has not pushed me to sell yet and when it asks me to...well...who am I?
If the entry is satisfied and Aucad decides to move in this direction, we might see Audcad dropping below 1.0000.
On the other hand, if the aforementioned resistance reversal zone is broken upward with a strong momentum, the scenerio will be invalid and we could see this pair soar to 1.0254.
The analytical chart below explains more
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