AUDCAD ready to melt?
Price pattern looks to have formed a Head and Shoulders pattern, and price looks firm to start breaking down.
On the 4H, Daily and Weekly charting, price action is signalling a bearish stance, especially with weekly charting showing weakness in any upward momentum. This may be a long swing trade which is also very dependent on any updates about the ongoing trade war.
Using the Fib. retracement tool, it seems that the 50% and 61.8% fib. level coincides fairly well with my targets.
TP 1 @ 0.94300 range, and TP 2 @ 0.93600 range.
Always wait for a good confirmation candle (i.e. strong bearish candle) as a decisive factor to enter any trade. Likewise, manage your risk as well and cut short losing trades.
Disclaimer: Content discussed is for informational purposes only and does not construe an offer or solicitation to engage in any activity regarding the subject matter.
On the 4H, Daily and Weekly charting, price action is signalling a bearish stance, especially with weekly charting showing weakness in any upward momentum. This may be a long swing trade which is also very dependent on any updates about the ongoing trade war.
Using the Fib. retracement tool, it seems that the 50% and 61.8% fib. level coincides fairly well with my targets.
TP 1 @ 0.94300 range, and TP 2 @ 0.93600 range.
Always wait for a good confirmation candle (i.e. strong bearish candle) as a decisive factor to enter any trade. Likewise, manage your risk as well and cut short losing trades.
Disclaimer: Content discussed is for informational purposes only and does not construe an offer or solicitation to engage in any activity regarding the subject matter.
Trade fechado: objetivo atingido
Price melted towards TP 1 and took out TP 2 in the next couple of hours
Aviso legal
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.