AUDCAD Conflicting Wedge-Pennant Formations
Not so much a trade idea but more of an observation whilst going through my top down pre market analysis.
We can see that on the daily chart, this market is putting what we commonly refer to as a bullish pennant pattern. Typically we see this formation break out to the upside.
If we drop down to the 60 min time frame, we can see that market is putting in a bearish wedge pattern. We typically see this formation break to the downside as we did with the AUDUSD trade idea I put out before Christmas.
It will be interesting to see what happens on this pair and we will be keeping an eye on it during our London Live Trading Sessions this week.
Im sure the breakout traders will have this on their radar too!
www.tradeempowered.co.uk
We can see that on the daily chart, this market is putting what we commonly refer to as a bullish pennant pattern. Typically we see this formation break out to the upside.
If we drop down to the 60 min time frame, we can see that market is putting in a bearish wedge pattern. We typically see this formation break to the downside as we did with the AUDUSD trade idea I put out before Christmas.
It will be interesting to see what happens on this pair and we will be keeping an eye on it during our London Live Trading Sessions this week.
Im sure the breakout traders will have this on their radar too!
www.tradeempowered.co.uk
We will be looking for a pull back into structure to get involved in a short
www.tradeempowered.co.uk