AUDCAD Forecast January 9-13
Pretty straightforward drop, there is a lot of space to drop if that 0.9600 support breaks, however if it stalls and makes a double bottom i might change my bias. Less likely though.
This is my forecast for the week ahead. It will be updated everyday during asian session for any changes. Do scroll down to look at the comments for updates.
Just because price has reached my area of interest does not mean I will open a position unless I specifically mentioned I would open a position there. I would normally watch the price action before deciding.
Nothing is 100% in trading, it is a game of probabilities. Be nimble when trading, never have a strong bias. I can turn from bullish to bearish in a day if price action tells me so.
This is my forecast for the week ahead. It will be updated everyday during asian session for any changes. Do scroll down to look at the comments for updates.
Just because price has reached my area of interest does not mean I will open a position unless I specifically mentioned I would open a position there. I would normally watch the price action before deciding.
Nothing is 100% in trading, it is a game of probabilities. Be nimble when trading, never have a strong bias. I can turn from bullish to bearish in a day if price action tells me so.
Note
Price has retraced for more than expected but bearish bias remains, if however by tomorrow price cannot go down to at least the first support I may change my bias. For now the 0.9750 area should act as resistance that I would short at.Note
WednesdayI turn neutral to slighly bullish because price never came down, I will TP all my shorts at the 0.9685 support and wait for a break in either direction to decide future moves. Alternatively if price close above the 0.9750 resistance tomorrow I will close all my positions for a loss.
Note
ThursdayClosed all shorts and now awaiting a pullback to go long to 0.9885. The market has turned and is now bullish.
Note
FridayMinimal pullback complete and price has turned up as expected, looking to TP at that 0.9880 resistance.
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