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lukelfx
Dec 12, 2019 12:56 PM

AUDCAD SELL 1HR Short

Australian Dollar/Canadian DollarFXCM

Description

AUDCAD showing potential double top forming on the hourly chart, finding resistance at 38.2% fib level. Furthermore also forming within a pennant with an overall upwards trend since the start of 02/10/19. We can also find divergence between both the price and momentum at this resistance level. I would be looking at a profit target of 0.90058 and a stop loss at 0.90918 enabling for a 3:1 reward to risk ratio. If it goes on to further break the neckline we would see it potentially finding support at the 0.89800 level, where previously tested.
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