AUDCAD Rising Wedge Breakout, Midterm Short
There is a resistance that has been in place since 2012 so it is very strong. When the price got there is fairly quickly got rejected.
On the Weekly timeframe you can see a nice rising wedge that is now about to be broken (if you look at a shorter timeframe it is broken.)
Also, it is broken on the RSI.
What to look for:
A close under the wedge on the daily timeframe or if you are feeling aggressive you could enter now.
I am newer to forex so let me know what you think in the comments. If you like the idea, please follow.
On the Weekly timeframe you can see a nice rising wedge that is now about to be broken (if you look at a shorter timeframe it is broken.)
Also, it is broken on the RSI.
What to look for:
A close under the wedge on the daily timeframe or if you are feeling aggressive you could enter now.
I am newer to forex so let me know what you think in the comments. If you like the idea, please follow.