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Audcadanalysis

{UPDATE} AUDCAD BEARISH Pressure Building...Previously, AUDCAD did not go our way after a BULLISH close to our confirmation candle. As mentioned in my previous analysis, we were expecting a BEARISH movement to take place after the 361.8% level being reached. It went higher than expected testing the resistance level 0.9785 price level. Overall, I am expecting a BEARISH movement to take place soon. Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Short
by YGForex
1
AUDCAD Falling From Here...We managed to see a 361.8% fib movement with a clean rejection and price is currently on a BEARISH momentum. I will be expecting a movement towards 1.618 fib level where there is also a support level @0.9606. I have identified this area as my demand zone. Looking at the daily candle, my confirmation candle has already triggered giving us a good short opportunity!!! Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Short
by YGForex
AUDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 50 - Dec 07 M > Price tested monthly resistance and dropped for correction. It again returned backup to test monthly resistance facing rejection to the downside. W > After bullish impulse price had dropped till demand zone of same bullish move, we can expect price to continue with drop to test demand zone again. D > Price closed last week with bearish impulse breaking daily demand zone, we can expect market to open with a small upward correction to test demand zone as resistance before continuing with its bearish move. As per COT AUD closed major Long and and few Short, reducing net positions (now in -ve). However N-R added Long and closed Short, slightly improving cumulative net position. We have seen closure of Long and addition of Short in last couple of months, making net positions move from 16K to -11K. AXY strengthened to test monthly resistance again during the said period and it further strengthened last week. AXY is testing Aug 2018 level now and we can expect some short term correction as strong bearish divergence can be seen. CAD closed Long and further added Short positions, reducing net positions, however cumulative net position with N-R has improved. CXY strengthened during the said period and after testing monthly resistance it further gained strength last week and is now testing next resistance level. We can expect correction to the downside as strong bearish divergence can be seen for CXY. Last bearish move was due to strong CAD and not because of weak AUD however now with expectation of weak AUD as well as CAD we can expect pair to continue sliding down. 4H > Price is dropping with bearish momentum breaking demand zone, wait for price to return back to test this zone now as resistance for a Short entry. Pair Correlation > AUDCAD has positive correlation with AUDCHF, AUDUSD and AUDJPY and negative correlation with EURAUD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
AUDCAD short opportunity We can see a W formation on the weekly chart and we can expect the market to go and test the neckline of W formation. AUDCAD is very bullish right now. So, we want to see AUDCAD reverse and make a retracement before continuing further. But, from the daily chart, we can see AUDCAD breaking the 0.95750 resistance level and making a higher high. So, not a good time to take a short. If we are to take a short we have to see the market shift first from bullish to bearish in the daily chart.
Short
by rafi_trader21