Hi, guys I hope that you are all well!
Typically at this time of year markets generally quite down due to Christmas approaching, however we are seeing some strong moves in the market across my portfolio and AUDCAD happens to be one of them.
What I am looking for is bearish trend continuation following a pullback up into the most recent area of consolidation/range ...
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I've decided to look for shorts on GJ due to the pound weakness and the price stall around my monthly resistance.
Price action is starting to suggest that a shift in momentum could be in play and lower highs are being made.
welcome to another signal!
Important: Wait for the Breakout and retracement to the resistance of the range!
Target 1: 1.49181
Target 2: 1.148559
Peace and good trades
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EMA SMA crossed smoothly...expect some pull backs but won't reverse the market until S1 S2. Trailing stop at 20-25pips will be a good idea.
Wait for current candle to break through and close on H4
USDCHF: If you look at the weekly, and go back a few years, it's evident that when RSI is close to being overbought, it drops, dramatically! I have circled these points.
The key here is to wait until the day/week closes to see where we stand. Very rarely in the past few years has it broke from this region, so this remains a strong resistance.
You can break it ...