AUDCAD is overbought and looking for a large downward movement.
Short-term we are looking at 150 Pips to the downside
Long-term we are looking at 300 to 500 pips
Indicators:
Look left rule- If you look at history, the current area where this currency has been a strong pivotal point, dating a few years. This is now acting as Resistance.
Daily and Weekly time frames are overbought (Larger time frames dictate main direction)
Conditions to Enter:
Close of daily candlestick under the current up trend line, this will confirm a break to the downside.
Entry:
1. Bear candle close under up trendline
2. Retest of up trend line on the backside.
TP1 at next support
TP2 at main weekly support
SL if prior high is broken
Good luck trading!
Charles V
CVFX Management
Trading made simple
Short-term we are looking at 150 Pips to the downside
Long-term we are looking at 300 to 500 pips
Indicators:
Look left rule- If you look at history, the current area where this currency has been a strong pivotal point, dating a few years. This is now acting as Resistance.
Daily and Weekly time frames are overbought (Larger time frames dictate main direction)
Conditions to Enter:
Close of daily candlestick under the current up trend line, this will confirm a break to the downside.
Entry:
1. Bear candle close under up trendline
2. Retest of up trend line on the backside.
TP1 at next support
TP2 at main weekly support
SL if prior high is broken
Good luck trading!
Charles V
CVFX Management
Trading made simple