AUDCAD - up for retesting resistance at parity ?

The nice thing about broadening your knowledge in trading is that you can start to gather more reasons for a certain thing to happen at a certain price level. Being trained harmonics and structure trading. I immediately saw this potential bat pattern formation completing into previous resistance on the daily chart.

Finding reasons why it would go there proved a little more difficult in the past. Learning a little more about MACD, momentum and divergence and we can find reasons why this pair might just complete this pattern. OK, I'm still pretty new at this so positive criticism is always welcome.

As for the bearish bat itself, it will be a tough cookie to break through the 50% retracement of XA as there is some support/resistance as well. If it eventually does, the bat might complete with a spike up into the reversal zone due to the previous failed attempts to break into this price level, so you it's very well possible just get 1 opportunity to short it in the PRZ. I'd strongly advise to check on the lower timeframes to look for a good entry. As the target zone contains the 1.00 even handle (parity), it can work as a magnet to attract price.

As always, only time will tell what direction we'll be heading, this post is merely a what-if scenario :)

Wish you all a good trading week, may the pips be with you !