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francesgurton

AUD/CAD - Short

Short
Australian Dollar/Canadian Dollar (FX:AUDCAD)  
francesgurton  
FX:AUDCAD   Australian Dollar/Canadian Dollar
Trend Analysis Chart Patterns Parallel Channel Technical Analysis Forex AUDCAD trendtrading Chart patterns Descending Channel
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trendanalysis chartpattern parallelchannel technicalanalysis forex audcad trendtrading chartpatterns descendingchannel
Potential for more downside as price reaches the area of previous support (0.9275 ish zone)

Could we see price reject here? Looking for:

- Rejection at descending channel resistance
- Rejection at previous support zone (0.9275)
- Rejection at 38.2% fib level

If taken, this trade will be in agreement with the overall downward trend of this pair (under the 200 day EMA) and in bearish confluence with the RVI and MACD for precise entry. AUDCAD has also been a very bearish pair recently.

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