We discussed this market last week and the important intraday resistance level we were hunting short trades.
After selling off twice at this level, price is now once again looking to make another test.
Looking at the longer-term charts the trend is clearly lower and this level looks key.
This market is now attempting to make a reversal back higher and a break...
We are still short this market whilst JPY is still showing strength and AUD at the opposite extreme. However, watch this market in the next few weeks for signs of reversal when the 71.00 zone has been reached.
A big change in risk would be needed to move this market beforehand.
See previous screencast on AUDCAD
I still see potential for a reversal and I explain why.
Also see recent other setup on EURUSD using similar methodology.
Following latest reports from French Presidential Elections
Current situation with North Korea
Brexit, Possible Frexit...
Both DAX and CAC are at highs and looking for reversal for longterm downtrend
AUDNZD might be ready for a reversal on a zone of resistance.
AUD has been bullish for quite long now and the indicators start to show divergence.
The reversal zone has been serving as Support or Resistance in July 2014, May 2015, end of January 2016.
We might want to wait for an optimal entry point and then let the market decide how this will go - possibly with...
