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The AUDCAD is actually giving us few sings of weakness! Before to continue reading the description and more details, have a quick look on this updated daily chart to understand the reasons I think the market could give us a nice short opportunity:
Let's focus on the area that interests us:
Since the end of October 2020, the price has been following a strong uptrend, in the H4 time frame we can properly see how the price is moving inside an ascending channel, bouncing many times on the channel's trendline support, that actually is perfectly working.
The price reached an important resistance area, failing twice the attempt to break it, giving us a really nice sign of weakness to continue the uptrend.
I have to say that this resistance level has already rejected the price many times in the past and it could be the perfect moment for a new market inversion.
ONLY IF THE PRICE will BREAK the support level, you could think to entry short on the pullback, because it would be a confirmation of the trend's inversion!
Here below the details of this trade:
ENTRY POINT: 0.97625
TAKE PROFIT: 0.96647
STOP LOSS: 0.98173
RISK/REWARD RATIO: 1.78
The AUDCAD is actually giving us few sings of weakness! Before to continue reading the description and more details, have a quick look on this updated daily chart to understand the reasons I think the market could give us a nice short opportunity:
Let's focus on the area that interests us:
Since the end of October 2020, the price has been following a strong uptrend, in the H4 time frame we can properly see how the price is moving inside an ascending channel, bouncing many times on the channel's trendline support, that actually is perfectly working.
The price reached an important resistance area, failing twice the attempt to break it, giving us a really nice sign of weakness to continue the uptrend.
I have to say that this resistance level has already rejected the price many times in the past and it could be the perfect moment for a new market inversion.
ONLY IF THE PRICE will BREAK the support level, you could think to entry short on the pullback, because it would be a confirmation of the trend's inversion!
Here below the details of this trade:
ENTRY POINT: 0.97625
TAKE PROFIT: 0.96647
STOP LOSS: 0.98173
RISK/REWARD RATIO: 1.78
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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.
Related publications
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.