Get started
MoolahMaker

AUD/CAD - Bearish Opportunity

Short
Australian Dollar/Canadian Dollar (FX:AUDCAD)  
MoolahMaker Updated   
FX:AUDCAD   Australian Dollar/Canadian Dollar
Technical Indicators Beyond Technical Analysis Chart Patterns AUDCAD audcadshort audcadsetup audcadanalysis audcadforecast audcadsell audcad30min audcadsignal audcaddaily
1
0
indicator beyondta chartpattern audcad audcadshort audcadsetup audcadanalysis audcadforecast audcadsell audcad30min audcadsignal audcaddaily
AUD/CAD is currently weak and is unable to push back up.

As long as it's able to hold under the 4H 50 EMA, the bearish move down is a go.

Trade safe.
Comment:
It has broken on top of the 4H 50 EMA but the bearish move is not yet canceled. It is still under the 4H 200 EMA which remains unbroken.

Thus, the trend is still bearish as long as the 200 ema remains strong. The reason why, I left my SL right above it since not always does it go as expected and it may get volatile. What matters, is that you do not close your position prematurely and leave it enough SL for the long term move to happen.
Comment:
The SL was too tight and should've been left up higher. What matters now is that the trade stays closed and wait for further confirmation to short or not.
Comment:
Check out AUD/CHF, AUD/USD, AUD/JPY, AUD/SGD for another shorting opportunity.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.