AUDCAD (1D): Possible short position
AUDCAD (1d) can break north or south. The position here is very tricky. Long squeezes of momentum and ATR resistance can be followed by price going either way. At this time only, there's more on the chart suggesting probability for the south.
On the last bullish limb up to 3rd Dec 2018, price retraced down to a 76.4% Fib before a struggling recovery from 1st March 2018 of a 50% fib.
This latest retracement noreth looks weak - but of course strange things can happen. My probability estimate is for the south. How wrong I am will be limited by a stop loss. No pain, no gain. :)
On the last bullish limb up to 3rd Dec 2018, price retraced down to a 76.4% Fib before a struggling recovery from 1st March 2018 of a 50% fib.
This latest retracement noreth looks weak - but of course strange things can happen. My probability estimate is for the south. How wrong I am will be limited by a stop loss. No pain, no gain. :)
Comment:
Also scan lower 4H time frame.
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