AUDCAD - LARGE CHANNEL TOUCHED (LONG)

AUDCAD was travelling within a descending channel on the Daily chart for a long time until price broke out to the upside and formed an ascending channel which is marked out with the black lines.

Price is now at the bottom of the channel and it has also formed a doji candle, this indicates a reversal in price to the top of the channel. We will keep you updated on price action as this trade plays out. The target and Stop Loss is marked out on the chart

IF PRICE HITS STL , PRICE WILL MOST LIKELY FOLLOW THE RED LINE.

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CLOSE THE TRADE, PRICE HAS BROKEN AND CLOSED BELOW THE CHANNEL WHICH MADE THE TRADE VALID. EXPECT PRICE TO FOLLOW THE RED LINE. GO DOWN, COME BACK UP TO RETEST AND THEN DROP.

IT MAY NOT BE VISIBLE ON THE DAILY CHART, IT WILL BE ON LOWER TIME FRAMES...