AUDCAD at upper trendline of descending channel on 1W
AUDCAD is currently trading at upper trendline of a descending channel on the weekly timeframe. This can give a good short opportunity with a confirmed rejection from the trendline and price moving below the resistance zone. Aggressive traders can take a short now with a SL above 0.932 as there is bearish price action on LTFs. With successful trade, I would book 50% of position at TP1, 50% of remaining at TP2 and all remaining at TP3 OR that also can be 50% split to go for TP4 ( touching the bottom trendline) with appropriate trailing SLs all along.
Order cancelled
The HTFs are still very bullish and the price has pierced through the upper trendline. In fact there was a falling wedge (formed by joining the highs of 4th Apr and 8th Aug 22 and joining the lower lows from 31st Jan) gave a breakout in the week of 14th Nov . This breakout targets to 0.9444. RSI is still pointing up so there is high probability of reaching this target.
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