Technician
Short

AUDCAD: Under Short-term Bearish Pressures

FX:AUDCAD   Australian Dollar/Canadian Dollar
570 4 15
AUDCAD             may provide shorting opportunities, as the short term technicals point to further downside.

-The price is trading in a clear short term bearish channel, within the context of the longer term bull channel.
-The price has broken 1.0000 horizontal support and psychological barrier.
-MACD completed a bearish crossover, while Histogram is bearishly divergent.
- A potential target is at the support of the rising channel, and near 0.9820 level.
- The short term bearish channel may unfold to be a bullish flag continuation pattern, and therefore a break above that channel may negate the bearish scenario, and signal the continuation of the bullish trend within the main rising channel.

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AnnOrtiz
2 years ago
This is beautiful and so clear! I know this kind of explanation should help me in my trading.
+1 Reply
Technician TOP AnnOrtiz
2 years ago
I loved your comment, cause this is what we exactly intend to do here, help each other make better decisions. Thank You
Reply
AnnOrtiz Technician
2 years ago
You are very welcome and I am glad you loved the comment because that was my intent as well, to send back a positive to you.
+1 Reply
I really liked this analysis Iwill be following it
+1 Reply
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