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rafi_trader21

AUDCAD short opportunity

Short
Australian Dollar/Canadian Dollar (FOREXCOM:AUDCAD)  
rafi_trader21  
FOREXCOM:AUDCAD   Australian Dollar/Canadian Dollar
Support and Resistance Multiple Time Frame Analysis Candlestick Analysis AUDCAD audcadshort audcadanalysis audcaddaily audcadsell
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supportandresistance mtfa candlestick audcad audcadshort audcadanalysis audcaddaily audcadsell
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.
snapshot
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.
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