Price was recently rejected on a daily resistance zone which is also resistance/support on the larger weekly/monthly timeframes. There is possibly a great bearish potential with reasonable risk: reward, with a SL above the resistance.
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Slowly gaining Momentum. Here we go!
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100 PIPS!
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A very clean and decent trade. 200 PIPS!
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There we go again. 300 PIPS STRONG!
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The market is at a critical zone as at close of the weekly candle. However, I am anticipating more downside. A breakout below this support will expose the market to a few more hundred pips.
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Price has broken the 0.8780 support. Watch for the retest and add more positions. Already, 350 PIPS!
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Looks like the support will hold.
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Multiple shooting stars at this level on the H4 TF. With a shooting star, price opens and almost immediately the bulls take over. However, later in the session , price reaches a point where the bulls struggle to push it higher, and price becomes attractive for the bears. Waves of sellers start to arrive, as they slowly overwhelm the buyers. Eventually, by the close of the session , price closes back below the opening. This is an extremely bearish signal, It means there is more downside to come.
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Breakout below the support, the ride continues !
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Price is retesting broken support. Add positions !
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Anticipating a breakout and continuation of the trend below 0.87400. Reserve Bank Of Australia earlier on Tuesday maintained the AUD interest rates at 4.10, providing a pull back and an opportunity to join the trend. AUD is weak on the long term.
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After yesterday's move, its clear that the bears were rejected at the 0.8780 support. Initially it looked like a breakout and retest, but now it seems that there will be one more leg up !
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I still believe the dominant trend here is bearish. The market is in a short term consolidation, but eventually, the bears will take over.
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Finally, as the Monthly candle closes, price is back at the support. Its very likely the dominant downtrend is now in place, and new lows below 0.8750 may be in place in the coming days !
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New lows ! 300 PIPS STRONG !
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Last week price made new lows to the 0.8770 zone before going back up to retest the broken support. A successful retest of the broken support will expose the market to more downside.
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Multiple shooting stars forming on the daily TF as price is retesting the 0.8800 support, a strong signal of more downside to come !
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400 PIPS FLOATING ON THE TREND !
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Classic breakout and retest !. The downtrend continues !
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AUDCAD retesting the 0.8800 broken support before heading lower !
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Multiple shooting stars forming at this level, a strong indication of more downside to come ! HOLD YOUR HORSES !
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The downtrend resumes on the Daly TF, With the daily candle dropping more than 100 PIPS from 0.8800 to below 0.8700 !
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500 PIPS @ 0.8600 !
Thedeveloper