traderjoshh
Short

AUD/CAD LONG TERM SHORT

FX:AUDCAD   Australian Dollar/Canadian Dollar
18 0 0
We've seem on the weekly a series of lower highs which touch the trend line resistance. The pair then breaks the trend line support retests it and falls to 0.94 where it finds strong support and we see a strong movement up retesting that trend line resistance and strongly rejecting it closing below the 61.8 fib and the 50 fib, Indicating strong selling pressure as we see a very long wick. This could indicate that the sellers have come back into control of this pair and we could be heading back down to test that support of 0.94, if we break that level then the 0.91 level where the start of the uptrend was and if we break that level then we could be heading down for the -61.8 extension level (0.8806)
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