AUD/CAD Bigger Picture and Scalping Zones
Updated
The bigger picture of AUD/CAD looks bearish.
The price is consolidating between the high and low of 1996 and 2001 as a major swing high/low.
After breaking a swing low in 2001 price attempt to break a high in 2012 has failed. Since then every swing of the price has persistently broken the previous low.
The secondary sequence has respected the WCL zone created by the primary sequence and the B zone created by the secondary sequence.
Hence, if the Tertiary Sequence respects the B zone, the price has the potential to break the previous low and continue its down move.
Price Action & TDI Perspective::
Weekly Doji Candle and price not being able to close above the high of Shooting Star (indicating that the current price attempted to test the Doji's high)
Weekly/Daily TDI under the formation of Umbrella// Divergence
My perspective
4H has already formed a divergence, wiped the sell-side liquidity, and broken the previous low, with a 100% Fib. extension and a beautiful retracement to B Level.
The price is consolidating between the high and low of 1996 and 2001 as a major swing high/low.
After breaking a swing low in 2001 price attempt to break a high in 2012 has failed. Since then every swing of the price has persistently broken the previous low.
The secondary sequence has respected the WCL zone created by the primary sequence and the B zone created by the secondary sequence.
Hence, if the Tertiary Sequence respects the B zone, the price has the potential to break the previous low and continue its down move.
Price Action & TDI Perspective::
Weekly Doji Candle and price not being able to close above the high of Shooting Star (indicating that the current price attempted to test the Doji's high)
Weekly/Daily TDI under the formation of Umbrella// Divergence
My perspective
4H has already formed a divergence, wiped the sell-side liquidity, and broken the previous low, with a 100% Fib. extension and a beautiful retracement to B Level.
Note
Close to TP
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.