Trendline broke and retest. AO below zero and bearish momentum. Current price DC channel bearish side and lower band makes new LL. Both currency are weak but cad strength over AUD should push price lower, previous swing low.
Currency Pair: AUD.CAD
Time Frame: Weekly, Daily, 4hr & 15min
Predicted Direction: Short
AUD.CAD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
AUDCAD offers as two types of trading opportunities.
1. The first one is almost right away, without any confirmations but with better risk/reward ratio:
- We have a break below the counter trendline (bulled from the bodies, because of the large wick from the 3. January, to remove the market noise) and now we retest it which should work as a resistance.
You can open this position.You must follow my ideas for changes. Sometimes I change stop loss or take profit points. If it hits Take Profit 1 point you can close half of your positions.And you can do stop loss point take profit 1 point.Than we wait for Take Profit 2 point.