Just an idea of my thinking. Remaining bearish, short, dovish, negative;) on audcad.
Fib used to gauge potential targets, stop's and entries on different time frames.
Possible 140 Pips to final target, manage on lower time frames.
If it breaks above 97.47's I'm not a buyer.
The boys are playing Hopscotch between B and C. Possible short play in the works. My final target would be 1.24116. So I'm just waiting for the right signal. as it may change and not work out. A very simple set up with a high potential reward.
Please comment, all welcome ;)
The idea is that we are near the end of shorting opportunities and may now enter a small range before breaking lower. My Long term view is bullish.
As the daily chart appears to be in a correction or retracement, thus this down trend.
Continuation of shorting idea on the GBP USD. Now waiting for a correction, possible 1.24 area to further short midweek to 1.12 and below.
A deeper pullback to 1.25 would be a much better selling position. Buying the retracement on a lower tf may present.