The Currency Pair has formed a Symmetric Pattern, a symmetric pattern can break out in either direction. A breakout on downside can be a good run in the current scenario as it has formed on the upside.

If the pair breakout on the upside with volume confirming the breakout would be a strong confirmation to buy the pair. If the pair breakout on the downside with a volume spike would be a strong confirmation for sell.

If the breakout is on the upside with volume and EMA confirming make sure that the RSI is trading below 73, if it is trading above 73 ignore going long wait for retracement to enter Long, same goes for negative here the RSI should not be below 30.

AUD/CAD

Mar 24 2022