AUDCAD: Bearish Setup on Pullback to Key Levels
Technical Analysis:
Higher TFs: Given the recent week's top rejection and inside bearish close, it appears that the bulls are running out of momentum. The last day's price action was a bearish continuation candlestick (lower low and lower close), indicating that the bears are in control.
The plan is to look for a short position on the lower timeframe by identifying a key horizontal level for a pullback.
4-Hourly Chart: My potential short trade is around 0.9149/53.
In case the price doesn't reverse from this zone, the next zone to go short would be:
Higher TFs: Given the recent week's top rejection and inside bearish close, it appears that the bulls are running out of momentum. The last day's price action was a bearish continuation candlestick (lower low and lower close), indicating that the bears are in control.
The plan is to look for a short position on the lower timeframe by identifying a key horizontal level for a pullback.
4-Hourly Chart: My potential short trade is around 0.9149/53.
- Sell Limit Entry: 0.9149/53
- Stop Loss: Above 0.9162
- Target: 0.9111
In case the price doesn't reverse from this zone, the next zone to go short would be:
- Sell Limit Entry: 0.9173/76
- Stop Loss: Above 0.9190
- Target(s): 0.9149/53, 0.9111
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