AUDCAD is currently doing a counter trend pull back to a resistance zone as outlined in the daily chart. AUDCAD is currently in a bearish trend and a pull back to the resistance zone would be an excellent area of value to take short.
This short opportunity is 1-3 days away yet as we need to see some deceleration and 'break down' in the 1 hour chart to confirm our trade idea and therefore take the trade short. If this market heads above the resistance zone, it is highly possible the market will be changing trend from bearish to bullish.
The 1 hour chart is also attached with technical analysis.
This short opportunity is 1-3 days away yet as we need to see some deceleration and 'break down' in the 1 hour chart to confirm our trade idea and therefore take the trade short. If this market heads above the resistance zone, it is highly possible the market will be changing trend from bearish to bullish.
The 1 hour chart is also attached with technical analysis.
Note
Please check out the attached Daily and 1 Hour charts that contain updates on this shorting opportunity:Daily:
1 Hour:
We still require deceleration and confirmation on the 1 hour chart before shorting.
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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.