Technician
Short

AUDCAD: Bearish Channel Play!

FX:AUDCAD   Australian Dollar/Canadian Dollar
690 6 11
In my previous analysis I examined the weekly chart to analyze the overall technical positioning for the pair, see link below. By looking at the daily chart , the price has bounced higher approaching the 50-days SMA and the resistance of the short term descending channel , where price might complete a bearish shooting star candle today if it closes near the current levels. Therefore, i maintain my bearish bias, and look to short the pair below 1.1100 targeting the latest swing low at 0.9938, with a second aggressive target at 0.9825 major support area . A break back above the channel resistance would negate this bearish setup, and will probably signal the resumption of the medium term bullish trend .

See related link below for the weekly analysis. Best of luck, join me at https://twitter.com/thefxchannel
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hi,As always, perfect and informative. thanx.
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Many Thanks
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Dear Technician ,I am interested in your analysis methods ,If possible, introduce Web sites ( free) as Tradingview for better learning technical analysis.
Many Thanks.
My Gmail address is :ansari.aboozar@gmail.com

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clear cut channels, thx
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Thanks for the information....What price you think I should place sell limit order???
+1 Reply
i think this pair gonna be bullish.
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