A trade idea for AUD/CAD

A trade idea for AUD/CAD

Information is not investment advice

It looks like AUD/CAD formed an “Inverted Head and Shoulders” pattern on D1. The candlestick on W1 is a bullish “hammer”. To place a trade, we plotted Fibonacci retracements from April-May decline. An advance above 0.9360 will open the way up to 0.94. Notice that the currency pair will meet significant resistance in the 0.9440 area (daily MAs).  

Sell trades will become relevant if the price gets back below 0.9300. 

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