AUDCAD - Near Term Bears Likely

FX:AUDCAD   Australian Dollar/Canadian Dollar
183 5 4
Greetings Fellow Traders,

As per request in the comments of one of my other analyses I'm posting my near term outlook for AUDCAD             . Drilling down from the Daily Chart posted we have a bearish candlestick that is very good at determining immediate market momentum. Early next week I wouldn't recommend buying AUDCAD             , I expect that the first place buyer interest resumes in the market will begin just above the .97000 level as shown on the Daily Chart .

On the 4 hour chart shown below you can see the same candlestick that finished the daily chart , also wrapped up the week on this time frame. I've added the current bearish strength associated with this move, by creating and visualizing the strength channel you begin to see where a probable place for buyer's to enter back in the market is...interestingly enough it also sits just above the .97000 level.

Drilling down even further we see almost the same thing as the previous 2 time frames that we looked at. To summarize, it seems incredibly likely that AUDCAD             will continue it's current move as we enter the 2nd week of trading in 2016. Long term buyers should remain at bay and wait for more desirable entries.

Thanks to user @JamesKimbrell for this analysis. If there is a currency pair that you would like my input on, all you need to do is ask!

If you enjoy what you see or have questions, feel free to comment/like/follow.
Thanks for covering this. I wanted to catch your thoughts on AUDCAD. Trying to decide if it's currenly in a corrective stucture (wave 2) or if it's in wave 3. Just trying to see if looking for a break to the bottom is worthwhile. formerly JamesKimbrell
+1 Reply
Synapse Forex-De-Lis
I'll reply in a little bit, when I can get to my charts again, there was no trade taken this week on AUDCAD for me, but we do have additional structure to look at from last week and the end of week finish to consider as well.
No rush. I took the trade when it broke through and retested the downward channel. Made a decent profit, it did seem to struggle though.
Synapse Forex-De-Lis
Nice Trade! :) Here is the update...Obviously the end of the week is showing some very strong sell signals...but it's choppy. I still prefer to wait for a buy either along the new support or the new resistance (IF we get a move lower first) 1 candle isn't enough to justify that line on my chart, we need a stronger pullback first.
Just realized this is the same pair....
+1 Reply
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