Technician
Short

AUDCAD: Another Bearish Resumption Trade | #FOREX

FX:AUDCAD   Australian Dollar/Canadian Dollar
1671 18 23
*Update: First half was closed at first target, moved stop to breakeven, second half was closed at breakeven...

-The price has completed a bearish head and shoulders top
-Broken below the short term rising trend line
-Currently retesting 0.9790-0.9800 horizontal resistance
-The price is trading within a short term bearish channel

I am looking to short near 0.9800 level, a a pin bar at this resistance would be a great confirmation for this short.

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Good luck, keep your stops tight..
My best regards
Technician
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chetan.visa
2 years ago
On Daily & Weekly charts this pair is creating Inverted H&S pattern....Please have a look at it.
Reply
Technician TOP chetan.visa
2 years ago
can u post a chart here please to clarify
-1 Reply
Technician TOP chetan.visa
2 years ago
I think you mean this one
snapshot
.. well this is pretty unconfirmed yet, i advise not to speculate on any uncompleted patterns
-1 Reply
chetan.visa Technician
2 years ago
Yes, It looks much better on Daily charts. Right shoulder is in process..
Reply
Hey Technician, thanks for your post. I too have taken this trade albeit earlier in the week. I'd also be interested in your thoughts on short AUDJPY if you have any intention of review this pair. JC
Reply
Technician TOP Cryptoelite
2 years ago
Buddy, i have a slight bullish bias for the AUDJPY
snapshot
-1 Reply
Not likely to work I think.
snapshot

Cross above that line (and the pivot) in 2 days possible.
Then more upside is likely, but we'll see.
Good luck!
Reply
xFuD
2 years ago
Very nice!
Reply
xFuD xFuD
2 years ago
Technician can you tell me why the S/L is at that position?
Reply
Technician TOP xFuD
2 years ago
because its above the horizontal resistance at 0.9790 and the descending resistance of the channel.
Its important to put your stop somewhere that if reached the reasoning behind the idea would be not valid anymore.
-1 Reply
Technician TOP Technician
2 years ago
First target hit btw
-1 Reply
xFuD Technician
2 years ago
Yes that was very nice! News catalyst hit your target precisely!
Reply
chetan.visa Technician
2 years ago
Great..
Reply
luckylast
2 years ago
Excellent trade well done :)
Reply
Such beauty. +1 Technician I still have two other tgt's to be hit...
Reply
Hannes
2 years ago
Great trade! Thanks Technican
Reply
Thanks mates.. Still running for second target
-1 Reply
Technician TOP Technician
2 years ago
Second half was stopped at break-even
-1 Reply
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