AUDCAD: Bearish pennant forming on 4h chart
After a sharp drop/ downtrend of AUDCAD a bearish pennant has formed on 4h chart.
The price is consolidating before I believe it will breakout on Monday morning and test the daily resistance from December at about 0.94. I believe this will be broken and price to continue the weekly/ monthly downtrend that is forming and looking at the current forecast for the AUD, I believe price could continue to drop to support at 0.924; a low that hasn't been reached since the Summer of 2013.
All comments are welcome as I'm fairly new to this and I only aim to improve my forex skills. Let me know what you think.
The price is consolidating before I believe it will breakout on Monday morning and test the daily resistance from December at about 0.94. I believe this will be broken and price to continue the weekly/ monthly downtrend that is forming and looking at the current forecast for the AUD, I believe price could continue to drop to support at 0.924; a low that hasn't been reached since the Summer of 2013.
All comments are welcome as I'm fairly new to this and I only aim to improve my forex skills. Let me know what you think.