AUDCAD
has been in an overall downtrend on the daily chart and has formed two major PRZ's that present opportunities follow the trend using intelligent entries. In addition to 5 bearish harmonic pattern completions, there are AB=CD variations and BC projections that add to the PRZ confluence. Stops are placed above 1.272XA with targets at the .618 and 1.000 retracements of AD. Overall Beaish Bias:
1. Daily trend for this pair is down
2. Missed monthly pivot from April, 2009 sits below price
Bearish Confluence in PRZ1:
3. Bearish Gartley pattern completion
4. Bearish alternate bat pattern completion
5. AB=CD completion
6. Significant S/R zone
7. 1.618BC projection
Bearish Confluence in PRZ2:
8. Bearish deep crab pattern completion
9. Bearish butterfly pattern completion
10. Bearish alternate bat pattern completion
11. 1.618AB=CD completion
12. Significant S/R zone
13. 2.27BC projection
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