AUD/CAD on daily time frame has established a new lower high forming a skewed double top, making stop biased for southward rally. It’s also developing an emerging triangle. Expected triangle apex is skewed upward 30% north zone, making emerging quality less than 40%. Price will converge as result of an emerging triangle. But due to a skewed apex and quality of developing pattern the outcome of the triangle breakout will be reduced.
GANN study shows price has confirmed price rejection at level 180 degree (1.00509) and swing failure validated a strong confluence toward establishing valid swing point. Level needed to be considered in order to validate bearish trend momentum is GANN level 135 degree (1.00008). Expected support level is GANN level 90 degree (0.99509).
AUD/CAD 1 Hour Chart
AUD/CAD 1 Hour Chart 2
AUD/CAD 1 Hour Chart 3