AUDCAD
Updated
TOP DOWN ANALYSIS ON AUDCAD
- A THREAD
Note
On the daily timeframe, we have seen that there are confirmed SR zones been indicated on the chart including the minor resistance area being indicated on recent price structure which price just did bounce on.
Note
Moving to the 4 hour timeframe, we have been able to identify that there is a major down trending resistance area which was accompanied by a fake out which is highlighted in blue.
Again, we have also seen the double bottom formation which price came back to retest and is now having difficulties in making that bullish run because of reasons stated earlier.
Note
On the 1 hour timeframe, I would be looking to take short trades (scalps) for now although the details identified on higher timeframes have convinced that the market is likely going to be bearish long term.
For day traders and traders who are looking forward to swing their trades, I suggest you wait for price to break the double bottom neckline again.
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