15 min AUD CAD bearish outlook
Price has been moving inside a bearish channel breaking the 4hr/1hr and daily support zones.
On the 1 HR, it looks like price has been moving bearish followed by consolidation before creating new LHs and LLs.
Price has been respecting the same area on both time frames (4HR and 1HR)
With that same trend in mind, price may be repeating the same behavior by respecting the same area.
I put my SL just above the opening of the engulfing candle inside the 4H4/1HR support zone.
It looks like price is creating a bullish candle to retest, we'll see if its just a retest before it continues to go bearish again.
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.