Price action on the daily chart of the AUDCAD has formed a top and has been unable to breakout to create new highs.
As the 4 hour chart shows; after forming a period of consolidation, price has broken lower and moved into the intraday support level.
If price can now rotate back higher, the old support could look to be a new price flip resistance and a potential area to look for smaller time frame short trades.
As the 4 hour chart shows; after forming a period of consolidation, price has broken lower and moved into the intraday support level.
If price can now rotate back higher, the old support could look to be a new price flip resistance and a potential area to look for smaller time frame short trades.
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.
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.