PIPGOD16
Short

AUDCAD SHORT TRADE SET UP

FX:AUDCAD   Australian Dollar/Canadian Dollar
Firstly, the Ichimoku Cloud indicator shows how the pair as in a strong downtrend as the cloud is both red and is wide. Secondly, the price is about to hit a well respected trend line where it was only broken once and after checking I realised on that day it could have been due to news as there was a lot of high impact news. A Fibonacci I drew from the previous higher high to the low gave me an entry point at the 50% retracement level which is also in line with the cloud resistance line on the hourly chart providing confirmation that price will bounce off this level. Finally, on the daily chart price seems to be hitting the mean (red line) on retracements then impulsing lower. This red mean line, the fib level and the resistance line of the cloud of the ichimoku indicator all confluence at 0.9300. Therefore , I believe price will hit 0.93 and impulse lower at least 150 pips plus in profit towards my well respected daily support level .
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