lukelehepuu
Short

AUDCAD RUNNING INTO RESISTANCE

FX:AUDCAD   Australian Dollar/Canadian Dollar
79 0 9
AUDCAD             . Point 1 shows price running into previous support and resistance . Price got rejected from Point 1 and then fell to Point 2B. 2B broke the level at 2A which to me indicates there might be a change in direction at some point.

Price then continued to point 3 which also lines up with point 1 (previous support and resistance ). Look at it how you like, whether its a "double top" or a breakout etc. I personally am going to take a short position with a target in between previous support and resistance at 0.9850. This level also lines up with the yellow trend line which is also the trend line for a big channel formed over a period of months.

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