darcsherry

AUDCAD | Perspective for the new week

Short
FX:AUDCAD   Australian Dollar/Canadian Dollar
It appears that the rally that began early Dec 2020 has found a reversal point as the appearance of a Double Top structure becomes visible.

Tendency: Downtrend ( Bearish )
Structure: Reversal pattern ( Double Top ) | Breakdown | Supply & Demand
Observation: i. DT: Bearish technical reversal pattern forms after the price reaches peak @ CA$0.99000 two consecutive times with a moderate decline between the two highs.
ii. The Breakdown of Bullish Trendline @ CA$0.98400 emphasizes a change in direction as price action disregard Trendline.
iii. I shall be patience to watch out for weakness in the strength of buyers at the Demand zone (CA$0.98000) which is also the Neckline for signal confirmation.
iv. Please note that a significant breakdown of Demand zone might see the price go into a correction phase where buyers will try to push the price up from this level one more time; when this happens, CA$0.98200/0.98400 shall be a Sell window for me in the coming week(s).
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:4
Potential Duration: 3 to 7 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Comments

Such a nice and detailed analysis, thank you for the effort!
+1 Reply
@Dana16, Thank you and you are welcome :)
Reply
great idea
+1 Reply
darcsherry Fx-jomic
@Fx-jomic, Thank you
Reply
wonderful one My Friend!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out