Potential bullish long reversal in AUDCAD after break of 0.982

FX:AUDCAD   澳幣/加元
Hi traders! When we look at AUDCAD on the 4H charts, we can see a very nice downtrend. In fact, this trend has been going for so long that it has been very overextended when we use Fibonacci extensions! The longer a trend moves on, the bigger the potential chances of a reversal happening and right now, it looks like we might have arrived at a support area that is strong enough to push the price back up.

We can see RSI divergence, a clean trend with price action mostly on the left side of the moving average and the current price seems to have difficulties making a lower low. Instead, we see that the price has entered the ranging phase and you could even find an inverted head and shoulders setup in there.

All clues that lead me to believe that a bullish reversal might be in the books for us. However, I want to see a break of our local resistance level at 0.982. If the price can break and close above this level convincingly, I might take a long position.

This setup is one of the 12 setups that are part of my Trade Advisor watchlist for this week. With this program, you can learn how to trade these setups, get mentoring directly from me and get my full private watchlist every week:

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