AUDCAD has been in an overall downtrend on the daily chart and has formed two major PRZ's that present opportunities follow the trend using intelligent entries. In addition to 5 bearish harmonic pattern completions, there are AB=CD variations and BC projections that add to the PRZ confluence. Stops are placed above 1.272XA with targets at the .618 and 1.000 retracements of AD.
Overall Beaish Bias: 1. Daily trend for this pair is down 2. Missed monthly pivot from April, 2009 sits below price
Bearish Confluence in PRZ1: 3. Bearish Gartley pattern completion 4. Bearish alternate bat pattern completion 5. AB=CD completion 6. Significant S/R zone 7. 1.618BC projection
Bearish Confluence in PRZ2: 8. Bearish deep crab pattern completion 9. Bearish butterfly pattern completion 10. Bearish alternate bat pattern completion 11. 1.618AB=CD completion 12. Significant S/R zone 13. 2.27BC projection