AUDCAD Short Term

Short Term Position

Positive Confluence:
- Daily key resistance line
- Right shoulder of 6 month Head and Shoulder formation
- 618 Fib Retracement of recent move lower
- Dojo candle followed by bearish engulfing candle
- Intraday bearish trend line break and retest

Negative confluence:
- Against recent trend

Stop loss above wick of bearish engulfing candle 1.0107
Profit at key support line 0.995 prior to 50EMA
R:R 1:1.25

Comment:

Hit target - 1.25% profit