COT Report says AUD is weak this weak while CAD is going long. Strong move upward since this morning expecting for a retest of 0.94700 wait for confirmation and sell. Potential 130pips+ trade.
Here is a short trade I've been in since Friday. Entry was taken on the formation of the harmonic pattern. Entry was at 0.9580 with a broad stop set at 0.9740
Encouragingly it looks like a head and shoulders pattern is forming with RSI and MACD showing bearish divergence.
Should the H + S complete, we would be looking at a minimum retracement to 0.9460
Cheers
Andy
Market has reached a strong resistance area and formed a nice engulfing bearish candle below 50 EMA
You can enter short now with stops above swing high
Hey guys,
I hope you enjoyed your weekend!
It looks like we are having a head and shoulders pattern on AUD/CAD on the H1 timeframe.
I am looking for a small rebound and if I see any bearish evidence I will short, my target will be the neckline.
I will detail the trade if I take it.
Best
Jesse
AUDCAD has formed a significant bearish engulfing candlestick at a very strong support level which has not been broken in years. SL set at -80 pips, TP set at previous lows.
AUDCAD shows a clear reversal on the daily chart. A Bollinger Band squeeze has set up a very strong Bollinger Band breakout on the 4H chart. RSI was recently overbought. TP set at fib retracement levels 61.8 + 100%. I have entered short upon 4H candle closing strongly through the lower Bollinger Band.
