A CURSORY LOOK AT AUDCAD

In as much as we are in a downtrend on this pair, potential reversal or correction move is setting up. See plan for a counter-trend move below;

Tendency: Temporary Uptrend ( Bullish )
Structure: Support & Resistance| Inverse Head & Shoulder
Observation: i. After a long bearish trend, Price falls to a low (Shoulder) and subsequently rises back to what is called the neckline.
ii. The price falls below the former low to form a Lower Low (Head) and then again rises back to the original base (neckline).
iii. Price drops a third time, but to a level approximate to the first (Shoulder), initial low of the formation before rising back up to the base or neckline of the pattern again.
iv. Price gaining momentum upwards from Moving Averages.
v. We can not ignore the wedge breakout indicated on the chart with a red circle.
Trading plan: BUY with TP1 and TP2 (300pips) and SL @ 80.500/80.000 zone.
Risk/Reward: 1/2
Potential Duration: 7 to 15 days








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