AUDCAD- Hovering at Resistance turn Support key level

OANDA:AUDCAD   Australian Dollar/Canadian Dollar
Introduction to my analysis:
1) Price Action is KING- I'm a sole believer in price action, you will see me incorporating price action theory into my analysis.
2) Simplicity is key - I love to keep my charts neat and tidy! The more indicators you have on your chart, the more complicated your chart is. Thus, affecting your bias of that market. Let me introduce you to my 3 great trading friends... THE 20, 50 & 100 MA!!!
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4) Please feel free to comment and feedback to me about my analysis & on your views about the market. Through sharing, we grow together as a trader or even better as friends!


- Double top formed at key resistance level @ 0.99585, which shows sign of trend reversal.
- Price then drop further to next support level @ 0.98438
- Price is below all 3 MA, giving me a short bias.
- Currently, there's a corrective move for the bearish trend as shown in the picture.
- Take a look at the daily chart , the price is also below the 3 MA, giving me a short bias again.
- Price may hover at previous resistance turn support level @ 0.98438 before it continues to drop further towards the next support @ 0.97196
- Why will it hover? There's a little price rejection right below the support line as you can see from the previous 3 candlesticks lower wick.
- May enter market, a sell limit (as shown) or sell stop order (0.98200) after it breaks out support level , stop loss will be @ 0.98799
Enjoy trading my friends!!!

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"Simplicity is the ultimate sophistication" - Leonardo da Vinci
hi, are you still bearish on this ?
kaydenkhor karolstepnikowski
@karolstepnikowski, Hi there my friend! As of 7 Feb, I am still bearish. I exited on 9 Feb@ 0.98189 as there's a bullish engulfing candlestick formed. Price is still hovering around the resistance turn support area @ 0.98438.
Good Luck on this week's trading! :)

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