AUD CAD Trade continuation
Price has made a strong Bullish rally and broken through Triangle Wedge pattern and has now stalled at the 78.6 retracement from the last major swing.
I expect bearish retracement from the price.
I expect a fall to either 61.8 or 50 retracement line from the last main swing. Each of these lines represent an area of high support / resistance from structure.
From there, I expect price will return to a Bullish state.
From the 4 Hour chart, price is:
Heavily overbought from RSI and Stochastics.
Apparent bearish spinning top forming.
From the 1 Hour chart, price is
Showing a spinning top
Stochastics is overbought.
RSI is divergent.
I have included where I would like to enter a trade which is just below the spinning top / indecision candle sitting at the 78.6 Line.
This would give a risk reward of;
1:3.5 to the 61.8
1:5.9 to the 50.0
I expect bearish retracement from the price.
I expect a fall to either 61.8 or 50 retracement line from the last main swing. Each of these lines represent an area of high support / resistance from structure.
From there, I expect price will return to a Bullish state.
From the 4 Hour chart, price is:
Heavily overbought from RSI and Stochastics.
Apparent bearish spinning top forming.
From the 1 Hour chart, price is
Showing a spinning top
Stochastics is overbought.
RSI is divergent.
I have included where I would like to enter a trade which is just below the spinning top / indecision candle sitting at the 78.6 Line.
This would give a risk reward of;
1:3.5 to the 61.8
1:5.9 to the 50.0
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