AUDCAD finds Support at psychological level of 1.0000
Price turns at Support of 1.0000
- Month to Month price is still printing an Up.
- Previously there was a Head & Shoulders pattern which caused price to turn down.
- However price was unable to break below the strong psychological level of 1.0000 and saw this as a support.
- With price now turning up, this could indicated a possible dead cat bounce scenario (failure of HS pattern)
Upflow with 1234 can be seen on D1 charts
- On the D1 charts, a 1234 can also be seen.
- Take note that there is a confluence of resistance at F6 and a previous year high. This would make a natural area for trade management.
WRMB can also be seen on the H4 charts
- On the H4 charts, a WRMB is forming pending a close above the recent H4 boxes low
- Also if price closes as a H4 bullish expansion this week, this would meet a H4R criteria
- If price can D1 closes above 10160 (which is april low), then next r at 10280-90 (levels by Binni)