AUDCAD Analysis: Sell Opportunity In Supply Area 0.9105 - 0.9121
Updated
Good morning.
In general, the intermediate-term price trend is down. This condition based on downtrend move in the weekly time frame. Last week price retest resistance 0.9112 and fail to break. Sell opportunity will be taken in the H4 supply area when price retests this area.
In general, the intermediate-term price trend is down. This condition based on downtrend move in the weekly time frame. Last week price retest resistance 0.9112 and fail to break. Sell opportunity will be taken in the H4 supply area when price retests this area.
Note
In H4, sell will be taken in supply area 0.9105 - 0.9121 when the price retests this area. Watch the price reaction inside this area to see top confirmation such as bearish engulfing, pin bar (long upper shadow) or bearish inside bar. The sell position will be open when the confirmation is done.
Note
Note:1. Entry will be taken as confirmation is done
2. Always use money management (1%-2% risk/trade is recommended)
3. Close the position (emergency exit) when the price makes high probability reversal candlestick such as engulfing, piercing line, or long shadow.
Thanks.
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