AUD/CAD - Fails At Weekly Resistance

FX:AUDCAD   Australian Dollar/Canadian Dollar
Dear Community,

we have had AUDCAD             on our radar for quite some time and were hoping to get a positive test of teh weekly resistance followed by a reversal candle.

As it stands on both, the weekly as well as the daily chart , the pair will dip into a correction, which brings up multiple possible scenarios:

1) Dip into the intermediate target zone, followed by the alternative bounce back scenario. It is a likely option and should definitely be watched. However, it will really only depend on the momentum we will have on the clock, as soon as we reach the zone. A straight cut through it would open doors for our optimal scenario.

2) A full correction to the 'root' of the current up-swing with a risk/chance ratio of 1:4 (with an aggressive stop loss). Again, it will depend on what really happens down there. A straight drop under the Primary target zone would open up even lower targets.

A very attractive setup that is, in our opinion, worth a punt. Therefore please not the following:

Due to a possible conflict of interest, we need to instruct you that we have opened a live short position, based on the analysis above.

Good luck everybody!
Comment: Update: Stop Loss adjusted to break-even. Intermediate target zone within reach!
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out