This week I am looking at a few AUD pairs, and AUDCAD and GBPAUD are looking very clean.
Here on AUDCAD, we can see the bearish trend has already happened and price dropped down from the top quite a bit.
Latest price action shows a consolidation phase where price is moving slowly and sideway. Good indication that is forming a descending channel structure, and could give us a reversal opportunity.
The correction isn't complete yet, so be patient here as price can continue to correct. Where as the confirmation would be a clean bullish breakout, and a lower time frame continuation correction to get in the on the buys.