Initially I was BEARISH on AUDCAD, however, after taking a look back over the charts, price has struggled to go lower over and over again. Last week price failed to break the low.
Price has not yet broke the recent LH either, but it is showing strong signs of 100% retracement or higher. Price has displayed lots of exhaustion to the down side, and failed to reach the .89300-.89200 zone, closing a bit higher with wicks in that area as well.
If price does break the low then I will begin looking for bearish moves again. Otherwise, I will look for buys if price break 4H trend line and gives me a retest to enter.
Price has not yet broke the recent LH either, but it is showing strong signs of 100% retracement or higher. Price has displayed lots of exhaustion to the down side, and failed to reach the .89300-.89200 zone, closing a bit higher with wicks in that area as well.
If price does break the low then I will begin looking for bearish moves again. Otherwise, I will look for buys if price break 4H trend line and gives me a retest to enter.