Short Opportunity Upon bounce on EMA200
Potential selling opportunity for AUDCAD currency pair. As we can see here, there are couple of interesting stuff found in this chart:
1. Hidden RSI divergence found, which may potentially indicates a downtrend continuation.
2. EMA(200) has been acting as a dynamic resistance and has been doing this since end of August 2017. So I think it may help to bounce the price again one more time.
A take profit around 0.965 level will be a good target with the entry somewhere around 0.983 (hoping there will be a clear reversal signal there)
1. Hidden RSI divergence found, which may potentially indicates a downtrend continuation.
2. EMA(200) has been acting as a dynamic resistance and has been doing this since end of August 2017. So I think it may help to bounce the price again one more time.
A take profit around 0.965 level will be a good target with the entry somewhere around 0.983 (hoping there will be a clear reversal signal there)
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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.