AUDCAD consolidation before breakout

G'day Dynamic Traders,

The GBPJPY has provided some nice rewards on the pullback. The Swissy is still making HH and LL but note there is divergence on multiple timeframes so this continues to be on the watchlist for a pullback.


The AUDCAD weekly chart below displays several recent indecision candles. MACD is following price which is close to a significant figure.The daily chart of the same pair shows a triangle formation. Price has retraced to 50% Fib but failed to close above it for many days. As it comes into a squeeze/breather, a break out/down is likely. As Mark Douglas says "No one knows what is going to happen next in the markets" so this could happen today or it could happen in a few days all we have to do is be prepared for it.

Happy Trading!

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Bijal Shah