Short AUDCAD Hidden Divergence
The AUDCAD has recently completed a triple top and has formed hidden divergence on the MACD. This is signaling a continuation of the downtrend. Also the COT Report has the Australian Dollar in a heavily short position and the Canadian Dollar positively long which setup up a nice short for us. Both of these currencies are commodity correlated. Gold is falling( Aussie correlated) and Oil is looking for a rebound but also falling( CAD corelated). And the Market cycle for this pair is bearish for Aug 2 to Sept 28.
Entry 0.8955 | SL 0.9110 | TP1 0,8850 | TP2 0.8750
Entry 0.8955 | SL 0.9110 | TP1 0,8850 | TP2 0.8750
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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.