AUDCAD- Retracement of Liquidity/Supply Zone
Technical Analysis:
-From the 4 Hour and 1 Hour chart show strong bearish momentum.
-Price has been in a downtrend since 26th April 2021.
-We should wait for a breakout and a retracement of the supply/liquidity zone to look for a short setup.
-According to the algorithm, price could drop down 0.44% for the week and a further 0.60% for the month.
-This is a good indication to enter short on this position.
Fundamental Analysis:
- There are are no high impact news for Monday 3rd May.
- For AUD, there are two major impact news on Tuesday 4th May and I would avoid trading this pair nearing the time of news release.
- For CAD, there are two major impact news on Friday 7th May and I would avoid trading this pair nearing the time of news release.
Sentiment Analysis:
- According to market sentiment, 94% of retail traders are short on this pair.
- Normally I would go against the retail traders as 90% of them lose their capital.
- Asset managers and institutional Investors are all placing short positions for this pair.
Lets see how this trade plans out!
Make sure to follow, like and comment your ideas for this pair!
-From the 4 Hour and 1 Hour chart show strong bearish momentum.
-Price has been in a downtrend since 26th April 2021.
-We should wait for a breakout and a retracement of the supply/liquidity zone to look for a short setup.
-According to the algorithm, price could drop down 0.44% for the week and a further 0.60% for the month.
-This is a good indication to enter short on this position.
Fundamental Analysis:
- There are are no high impact news for Monday 3rd May.
- For AUD, there are two major impact news on Tuesday 4th May and I would avoid trading this pair nearing the time of news release.
- For CAD, there are two major impact news on Friday 7th May and I would avoid trading this pair nearing the time of news release.
Sentiment Analysis:
- According to market sentiment, 94% of retail traders are short on this pair.
- Normally I would go against the retail traders as 90% of them lose their capital.
- Asset managers and institutional Investors are all placing short positions for this pair.
Lets see how this trade plans out!
Make sure to follow, like and comment your ideas for this pair!
Trade closed: stop reached