AUDCAD is in uptrend and what we currently have is a retracement in uptrend. Trend should resume after the retracement and what we see now is Head and Shoulders pattern which I would treat as a RETRACEMENT not REVERSAL pattern. POC 1 is supported by l4, 61.8 fib and previous hidden bullish divergence (continuation ) while POC2 suggests deeper retracement. Anyhow i expect H3 level to be tested again and for next level it should be either broken with a strong momentum ( news ) or by a technical breakout ( Breakout - Retest or BPC ).
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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