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DeGRAM
Feb 15, 2024 9:24 AM

DeGRAM | AUDCAD target for short from confluence Short

FX:AUDCAD60
Australian Dollar/Canadian DollarFXCM

Description

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AUDCAD moved out in the ascending channel. The market is consolidating on the 4-hourly chart.

Price is likely to move down from the confluence zone: the resistance + 127.2% fibo extension level and bearish harmonic pattern.

We expect a pullback from the resistance level and the continuation of the consolidation.



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Share your opinion in the comments and support the idea with like. Thanks for your support!

Trade closed: target reached

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TP was hit
Trend AnalysisChart PatternsSupport and Resistanceaudcadanalysisaudcadsignal
Comments
jbergman7
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I like the idea for the sell, as of right now to me on the 4H and Daily it appears to be in a steep decline channel since just before Christmas and just had a false break to the upside. My personal TP is going to be at 87400, which it could even be lower if it follows the downward channel.
DeGRAM
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Good luck in the markets and may the profit be with you !
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