AUDCAD - Ascending Wedge / Potential Rejection
📢AUDCAD 4H - Technical Breakdown
📈Price action has been trading within an ascending wedge since the large sell-off that saw bears take price levels down to the current range low at 0.80700. Since then price action has re-gained 800 pips to the upside.
📊The current market price is testing the ascending wedge overhead resistance at 0.88670 highlighted within the blue box, as price action looks over-extended it's best to assume a rejection will take place upon market open. A rejection should see price levels return to the support of the ascending wedge resulting in a low risk, high reward swing trade netting in excess of 200 pips.
📈Price action has been trading within an ascending wedge since the large sell-off that saw bears take price levels down to the current range low at 0.80700. Since then price action has re-gained 800 pips to the upside.
📊The current market price is testing the ascending wedge overhead resistance at 0.88670 highlighted within the blue box, as price action looks over-extended it's best to assume a rejection will take place upon market open. A rejection should see price levels return to the support of the ascending wedge resulting in a low risk, high reward swing trade netting in excess of 200 pips.