TokyoForex
Short

AUDCAD 8hr Downside Movement

OANDA:AUDCAD   Australian Dollar/Canadian Dollar
1] Price has shown a massive surge of price action in a short period of time due to First CAD data and now
looks like is coming back up for a retest down to either the Horizontal support or the upward Trendline .
2] It also looks like price is losing momentum with smaller candles forming on the 4hour chart. (Please see 4hr Chart)
3] Price has reached a trendline which was previously support and now could potentially act as resistance.

Wait for comfirmation with:
1] Wait for the Double top to form on the 30min time frame
2] Price action breaking 0.9029 could be comfirmation to the downside

The Risk to reward is not brilliant in my opinion so I wont be entering this one. Just a bit of analysis and my opinion on price movement!

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https://www.instagram.com/tokyoforex/
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