AUDCAD - Multi Timeframe Analysis
Weekly:
On the Weekly chart, we have a bearish candlestick pattern called Evening Star. It got a rejection from very important levels as a trendline since 2018 March, yearly highs and lows, round number and 50EMA.
Daily:
On the Daily chart, we can see that the major counter trendline has broken. The bigger trend is downwards and this counter trendline was a short-term uptrend which got cracked. We have also Death Cross between 50 and 100 EMA, plus currently, they both should work as resistance levels. There is also the round number 0.95000 which should work as a resistance and the counter trendline itself.
4H (major image above):
All the EMA's (50, 100, 200) acts as resistance levels. We have a break below the counter trendline and there are Death Crosses to support that move, Deat Crosses between 50&100 and 50&200. Plus, during the night, we got a rejection from the Fibonacci 38% retracement level (which is great because the rejection from 38% shows momentums on the market) and from the round number. This rejection ended up with Bearish Engulfing candlestick pattern, NOT a perfect one but still pretty good statement from bears.
1H:
The price has broken below the major counter trendline and it has made a break below the minor counter trendline. There is also some EMA levels to secure higher resistances.
SUMMARY: Looks like the fundamentals are on our side and there are pretty nice bearish signs from highest timeframe to the lowest. To get better entry, wait for a small pullback!
"The hard, cold reality of trading is that every trade has an uncertain outcome."
– Mark Douglas
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice week,
Cheers!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Daily:
4H (major image above):
All the EMA's (50, 100, 200) acts as resistance levels. We have a break below the counter trendline and there are Death Crosses to support that move, Deat Crosses between 50&100 and 50&200. Plus, during the night, we got a rejection from the Fibonacci 38% retracement level (which is great because the rejection from 38% shows momentums on the market) and from the round number. This rejection ended up with Bearish Engulfing candlestick pattern, NOT a perfect one but still pretty good statement from bears.
1H:
SUMMARY: Looks like the fundamentals are on our side and there are pretty nice bearish signs from highest timeframe to the lowest. To get better entry, wait for a small pullback!
"The hard, cold reality of trading is that every trade has an uncertain outcome."
– Mark Douglas
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice week,
Cheers!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Trade closed: target reached:
Multi-timeframe analysis worked out perfectly. Counter trendline breaks are the criterion to watch closely!
