AUDCAD is caught in a flag formation and will probably zig-zag sideways for a while before it breaks free. There's considerable resistance above so I'm only looking for a SHORT trade where a move down to .890 200 sma on D1 and WS1 support looks likely. One to watch.
Daily - Nice long wick rejection from the descending trendline and lines up with the 'golden pocket' area of the fibonacci.
4HR - Most recent candle failed to close above the dynamic resistance area
Will be looking for a close below the 50MA on the 1hr before considering entering this short.
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...
I believe price will be making a move downwards but awaiting confirmation. Price recently broke below the long-term trend line and now has a nice pullback up to the same trend line. My fibonacci levels are based on the downwards impulse move that broke the trend line.
My two predictions are as follows:
1) Price will move below the 38.2 Fib level and break the...
AUDCAD showing potential double top forming on the hourly chart, finding resistance at 38.2% fib level. Furthermore also forming within a pennant with an overall upwards trend since the start of 02/10/19. We can also find divergence between both the price and momentum at this resistance level. I would be looking at a profit target of 0.90058 and a stop loss at...
Price is approaching a to descending trend line which has been respected for a while now and I expecting the same again but I would wait for a bearish engulfing candle once it touch the trendline before going short on this. I have marked the tp and sl for you as well.
Remember, the trade is only valid once it touch the trendline and create a bearish...