AUDCAD - Let’s put the puzzle together...
Let’s put the puzzle of the technical evidences together…
1. A bottom formation is a time consuming process that can last several months and especially for the relevant pair.
2. Monthly trend is bearish with monthly trend defense level the 0.91.
3. Monthly bearish controlling candle is valid and it will only lose control if price violates the 0.9060 price level.
4. Price is currently traded at a big round number 0.90.
5. Price is flirting with the upper boundary of the descending price channel
We identified a LOCATION on our chart where we anticipate that something will occur. This is one part of the story. Something is missing in order for the story to be solid. The missing part is the footprint of sellers. A sellers’ footprint with great dimensions that will dominate the chart… A great daily shooting star with a long upper tale, an exhaustion gap up on the opening of this week or a great daily bearish engulfing will do the job.
WITH PATIENCE WE WAIT TO SEE
1. A bottom formation is a time consuming process that can last several months and especially for the relevant pair.
2. Monthly trend is bearish with monthly trend defense level the 0.91.
3. Monthly bearish controlling candle is valid and it will only lose control if price violates the 0.9060 price level.
4. Price is currently traded at a big round number 0.90.
5. Price is flirting with the upper boundary of the descending price channel
We identified a LOCATION on our chart where we anticipate that something will occur. This is one part of the story. Something is missing in order for the story to be solid. The missing part is the footprint of sellers. A sellers’ footprint with great dimensions that will dominate the chart… A great daily shooting star with a long upper tale, an exhaustion gap up on the opening of this week or a great daily bearish engulfing will do the job.
WITH PATIENCE WE WAIT TO SEE
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