AUDCAD: Don't miss this SHORT OPPORTUNITY!
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🟢Forex Pair:
AUD/CAD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend, bouncing for the first time on its dynamic trendline during the month of October 2020.
It has currently reached an interesting resistance zone and there is a possibility of a trend correction until the main trendline.
In the daily time frame, at the beginning of October, the price got a strong positive impulse, getting a clear rejection on the resistance level at about 0.99000.
It's currently moving with a bearish movement, as a possible correction of the previous uptrend.
In the h4 time frame, after few attempts to break the main resistance area, the price collapsed down creating a falling wedge pattern.
🔴Conclusion:
The price is clearly moving inside the falling wedge pattern and I'm confident to see it breaking through its dynamic support level until the next support area at about 0.97212. That's absolutely an interesting zone because is close to the main weekly trendline and in a short future we could see a new market reversal.
I've currently got a short position on this trade and I'll be waiting the breakout of the pattern to plan my second short trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/CAD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend, bouncing for the first time on its dynamic trendline during the month of October 2020.
It has currently reached an interesting resistance zone and there is a possibility of a trend correction until the main trendline.
In the daily time frame, at the beginning of October, the price got a strong positive impulse, getting a clear rejection on the resistance level at about 0.99000.
It's currently moving with a bearish movement, as a possible correction of the previous uptrend.
In the h4 time frame, after few attempts to break the main resistance area, the price collapsed down creating a falling wedge pattern.
🔴Conclusion:
The price is clearly moving inside the falling wedge pattern and I'm confident to see it breaking through its dynamic support level until the next support area at about 0.97212. That's absolutely an interesting zone because is close to the main weekly trendline and in a short future we could see a new market reversal.
I've currently got a short position on this trade and I'll be waiting the breakout of the pattern to plan my second short trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
