Technician
Short

AUDCAD: Signs of Weakness Continue

FX:AUDCAD   Australian Dollar/Canadian Dollar
705 2 8
-The price completed a minor double top pattern around 1.0315 resistance, which was market as a resistance through the high of the shooting star candle recorded in late March,
-A bearish divergence on RSI momentum confirms the bearish bias.
- The price retested the rising trend line for the latest bullish wave, before bouncing to retest the broken neckline at 1.0250 areas.
- I Will be looking to short near 1.0250 level, with a stop loss at 1.0350.
- Conservative traders may prefer to wait for a break below the rising trend line to confirm the bearish bias.
-Targets start at 1.0150.1.0100 an aggressive target could be at 0.9830.

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woodsyFX
2 years ago
Are you anticipating the formation of a head and shoulders?

Thanks.
Reply
Technician TOP woodsyFX
2 years ago
Not really, but could happen
Reply
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