AUDCAD false breakdown - will FALL
Since July, the price has been moving in a downtrend within two lines: resistance and support. Having made significant breakouts of these lines only a few times, but rather soon returning to their boundaries.
Now we see that the price has broken through the upper border of the channel - the resistance line and rose above it. At the end of this movement, the price came to a strong resistance zone around the level of 0.956.
Here, in addition to the level, there is also a strong resistance line formed in May 2020.
Despite the fact that the price has broken through the line and the channel, I am confident that it will fall. Since the resistance zone is older and stronger than the channel itself. So the breakout is false.
I think the price will fall towards the support line around 0.938.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
Now we see that the price has broken through the upper border of the channel - the resistance line and rose above it. At the end of this movement, the price came to a strong resistance zone around the level of 0.956.
Here, in addition to the level, there is also a strong resistance line formed in May 2020.
Despite the fact that the price has broken through the line and the channel, I am confident that it will fall. Since the resistance zone is older and stronger than the channel itself. So the breakout is false.
I think the price will fall towards the support line around 0.938.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📚The BEST Trading Course: t.me/lingrid
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: bit.ly/3J4aRVE
🏆TOP Broker: lingridedu.com/brokerFXPro
🌎WebSite: lingrid.org
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: bit.ly/3J4aRVE
🏆TOP Broker: lingridedu.com/brokerFXPro
🌎WebSite: lingrid.org
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.