AUDCAD 6th November Weekly Outlook
Price has been respecting this descending channel for the past couple of months, we have see consistent lower highs and lower lows.
Price is currently in a region where it could re test the higher end of the channel, if we see rejection around the 0.97900 level we could then see a further downside imo to the 0.95280 level which is the fib inversion of the recent 0.618 fib retracement on the Daily. Price has crossed on the EMA's which leads me to think this may be a small correction on the lower time frames before a push lower. We also see a possible bullish gartley formation on the weekly/daily which would also complete in or around the 0.95280 level.
Price is currently in a region where it could re test the higher end of the channel, if we see rejection around the 0.97900 level we could then see a further downside imo to the 0.95280 level which is the fib inversion of the recent 0.618 fib retracement on the Daily. Price has crossed on the EMA's which leads me to think this may be a small correction on the lower time frames before a push lower. We also see a possible bullish gartley formation on the weekly/daily which would also complete in or around the 0.95280 level.