AUDCAD Wedge Trade

AUDCAD H1

Pair AUDCAD is making a sharp upside triangle wedge on H1 chart. Normally this wedge denotes a over brought situation.


Some time back I have observed same type of sharp upside wedge in NZDUSD and pair plunged right after breaking the down trendline.



Price looks over brought on daily chart as well and I will be trading only short trade on this pair. I plan to go short on touch of upper trendline and also on the break & daily close below of lower trendline.