Analysis:
Firstly just by looking at the charts we're able to tell that price is in a downwards trend. We've seen a series of lower lows and lower highs being formed confirming that we are in this downwards trend. We're now approaching a key level that has held as support and resistance multiple times so we expect this to happen again this time around. To add...
I currently have an alert set for 0.89500, where it has previously resisted, Once I get an alert for that price I will set another alert 0.89750. This is because I don't want to open a buy too early, and this level is where I will buy as it would confirm the price action.
USOIL
Long Setup
👉🏻 As mentioned in the message last week, IF price breaks this triangle, it will also be breaking a major descending trendline, hence the bullishness in CAD pairings.
- Admittedly, I made a premature entry earlier this week as I expected price to hold below the 1.4151 level
- Current fakeout where price crossed above this level very briefly and then crossed below it is a good signal that we can expect further downside ahead
- Before making a short entry play, we'll need to eye the 1.4118 level as we could potentially see this...
Here after careful review, trend analysis and pattern recognition on the 1hr time frame for entry I have identified an SHORTING opportunity for the AUDCAD pair. Take a look at my analysis I would love your feedback.
Inside bearish triangle / pennant we find this opportunity to sell at the retest of the upper falling trendline. I place my take profit just above previous support and above 61.8 fibo of the leg.
![USOIL: [USOIL W3 Sept 2021]](https://s3.tradingview.com/t/TNblIqvb_mid.png "[USOIL W3 Sept 2021]")
