Looking at the above chart, its first supply zone
is the only green candle in the downward move AUDCAD
made from 0.9502 to 0.9253 and Price is. back to the strong level, and it is currently testing it. if the price gets rejected at this level, I would advise shorting to the recent low.
Also, using the wave count, it shows AC
is about to start a wave 5 movement downwards. The black trendline shows there is a divergence between price and MACD
, which marks the high of wave 2 and wave 4.
Please feel free to leave a comment and like if you agree