AUD/CAD Short Idea (6/4/19) 4HR Chart
- We have had 3 pins to the upside on the daily after the close, which shows signs of a reversal.
- Looking for the AUD news at 8:30pm CT to push price into the disturbance level creating another wick on the daily and then the reversal towards the fib extensions.
- Targets @ 0.94000 and 0.90400
Price has formed a new downtrend and broke 0.9056 (support and resistance). Go short when it retest 0.9056 / 0.9080 area.
Target 1: 0.9850 (resistance level on several times since October 1998)
Target 2: 0.9776 (opening 2017 & uptrend area since May 2016)
*Price is also inside down channel in daily chart.
Sorry this is one I forgot to add in this morning, I've already entered on AUDCAD but there is an opportunity arising to jump in soon.
30M has completed a Bullish Golden Crossover (EMA50 Above EMA200) and we are seeing the 1H chart is now preparing to cross over.
Price broke out of the short term bearish downtrend above the trend line and heading towards first TP...
Cypher completed under my nose in the first half of the last 60 minutes. Thank the market wizards for entry orders, lol. There could be a retest or even a break below with such a sporadic move. If you get involved remain aware of price action nearest term.
The H&S pattern formation appears to not want to break below the neckline even after the very dovish, more so concerned RBA releases its Interest Rate Decision and Statement. Fundamentally and technically this pair is a clear short. But as the market is hesitant, downside could be minimal.