AUDCAD Trend line bounce
Updated
After an extended down trend on the daily that was kicked off by a huge Bearish engulfing pattern back in June. This pair shows no sign of slowing down, forming lower highs and lower lows for the past few months. More recently price found resistance on 20/9 at the .99000 psychological level and formed another huge bearish engulfing pattern. Which is more confirmation of the continued down trend.
Drilling down on to the 60. The Aussie tried to push through the .98000 psychological level before finding resistance at .98034 which in turn gave us the third peak we need for a confirmed down trend line and another Bearish Engulfing signal.
Although price may encounter slight resistance at the recent low of .97514 Price should move steadily down towards the .97300 .97200 area before finding support. If price through this will present another great opportunity to go short again.
Drilling down on to the 60. The Aussie tried to push through the .98000 psychological level before finding resistance at .98034 which in turn gave us the third peak we need for a confirmed down trend line and another Bearish Engulfing signal.
Although price may encounter slight resistance at the recent low of .97514 Price should move steadily down towards the .97300 .97200 area before finding support. If price through this will present another great opportunity to go short again.
Trade active
Closed half the position half at .97584Moved stop to break even.
Trade active
Moved stop to .97655 right above the bearish engulfing candle. Locking in extra profit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.