Simple to read. Bullish AUDCAD with the help of Falling wedge
A short explanation for beginners willing to understand Trading using Wedge Patterns.
After an eagle eye (which you will develop in time if you dedicate time and effort on Forex charts) you will be able to identify this pattern. Simply it has the shape of a WEDGE.
In this example (AUDCAD), I identify a falling wedge, which, theoretically, it will lead to an uptrend of the pair currency.
I also used Fibonacci retracement tool from Trading view to choose a potential target for taking profits.In this case, @ 0.99404 which sits at 0.618 retracement line.
After an eagle eye (which you will develop in time if you dedicate time and effort on Forex charts) you will be able to identify this pattern. Simply it has the shape of a WEDGE.
In this example (AUDCAD), I identify a falling wedge, which, theoretically, it will lead to an uptrend of the pair currency.
I also used Fibonacci retracement tool from Trading view to choose a potential target for taking profits.In this case, @ 0.99404 which sits at 0.618 retracement line.