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PriceActionTrading
May 13, 2015 4:28 PM

AUDCAD Short

Australian Dollar/Canadian DollarFXCM

Description

UPDATE:
DO NOT BE TOO GREEDY IN YOUR TP. THIS TRADE IS FACING SOME SERIOUS SUPPORT @ 0.9600.

SIMILAR TO AUDUSD. REACHING KEY RESISTANCE.
WHAT WILL HAPPEN?
KEEP A LOOKOUT. BREAK ABOVE IS LESS LIKELY IMO.
Comments
Daniel.B
Nice clean analysis bro, that pin bar / doji rejection at resistance looks tempting but as you stated AUD pairs are on the path to upside breakouts so I agree with sitting on the sidelines lol
PriceActionTrading
Yes. could be upside could be downside. Not sure which to take until a solid D1 close. thanks bro!
PriceActionTrading
Tempting indeed. Stay out and observe is the best option right now.
PriceActionTrading
I believe AUD pairs are on the upside breakout.
AUDUSD and AUDJPY has broke upside.
Would be looking for buy.

NZD pairs has also rose quite significantly breaking resistance trendlines.
PriceActionTrading
Observe this pair for now. Possible rejection off resistance trendline. Or possible breakout. Either way, observe it.
PriceActionTrading
CAD weakness has pushed this pair out of its tranding range, causing a breakout that has no reliable support behind it. Im calling this breakout a bluff. But who knows?
My long entry is still @ 0.9600 where my support line is at.
PriceActionTrading
H4
PriceActionTrading
On its way. But beware 0.9600 potential bounce.
PriceActionTrading
Appreciate a thumbs up and comments if you have benefited from my ideas. It helps.
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