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AUD/CAD is going for a butterfly

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Trade ideas

SELL 0.9060; TP 0.9000; SL 0.9080

BUY 0.8980; TP 0.9200; SL 0.8950

If we look at the weekly chart of AUD/CAD, it looks like the pair is forming a bullish “butterfly” harmonic pattern. In line with this pattern, it can move down to 0.8975 (50% Fibonacci retracement of the 2008-2012 advance) and then bounce targeting 0.9250 (uptrend resistance line since 2018). This consideration can form a basis for a couple of trade ideas. 

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FBS Analyst Team

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