The Aussie Canadian dollar.
Good afternoon all,
Today I wanted to post of a high probability trade, but due to the recent pullbacks and consolidations there is plenty of uncertainty as to direction.
The GBPJPY has recently hit a fibonacci level at resistance and is re-testing this before a possible continuation south making a possible right shoulder of a H&S formation on the lower timeframe and so a watchful eye is needed here, whilst the CHFJPY is at the higher breather but a little short of the V.I. clustering with a fibonacci level, so if not aggressive the trade may still be on should this area be reached.
Todays chart of the AUDCAD, although in consolidation at present is showing a pennant formation, and with price having crossed down and closed below the V.I. is offering a more bearish scenario, but as you should all know, patience is needed here for a possible BOB and should this happen traded using your filter.
As always please ensure to do your own analysis before trading.
As a quick edit to this post, the EURGBP may be looking favourable for a long trade at this moment, but check at the end of the day.
Charts courtesy of AdvancedGet.