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ForexTechnical Analysis
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[QUOTE="FXGLORY, post: 49073, member: 15342"] [B][COLOR="Blue"]Technical analysis of AUD/CAD dated 01.08.2013[/COLOR][/B] AUD/CAD was in a strong and consistent descending trend that sellers during this descending trend were successful in achieving the lowest price level of 0.91698. Currently in 4H time frame with formation of hammer candlestick pattern (the failure of sellers in reaching to the lower prices) price has been stopped from more descending and there is a possibility of formation of a bottom price and finally ascending of the price. As it is obvious in the picture below between the top price of .97788 and the bottom price of 0.91698, there is an ideal AB=CD harmonic pattern with the ratios of 61.8 and 161.8 that with completion of the D point (also formation of butterfly pattern in CD wave), there is a potential for ascending of price.Stoch indicator is in saturation sell area and in divergence mode with the price chart confirms the D point of harmonic patterns and warns about potential of ascending during the next candles. Generally until the bottom price of 0.91698 is preserved, price will have the potential for reformation. [CENTER][IMG]http://blog.fxglory.com/wp-content/uploads/2013/08/audcadh4.jpg[/IMG][/CENTER] [B][COLOR="Blue"]FxGlory 2013.08.01[/COLOR][/B] [/QUOTE]
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