Nice identifications of the bearish harmonic patterns on AUDCAD and there may be bearish bias as you have identified. For our set up, we have identified the key support and resistance levels.The first resistance that we have identified is at 0.9519. It is a horizontal swing high resistance with 61.8% Fibonacci extension, 38.2% & 50% Fibonacci retracement. Stochastic is testing its resistance at 96% and there may be bearish divergence with price, where a corresponding reversal could occur. If a reversal does occur, we may want to look at the 0.9371 support level, which is just above your first take profit level. It is a horizontal pullback support with 38.2% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.