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Audcadanalysis

AUDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 50 - Dec 07 M > Price tested monthly resistance and dropped for correction. It again returned backup to test monthly resistance facing rejection to the downside. W > After bullish impulse price had dropped till demand zone of same bullish move, we can expect price to continue with drop to test demand zone again. D > Price closed last week with bearish impulse breaking daily demand zone, we can expect market to open with a small upward correction to test demand zone as resistance before continuing with its bearish move. As per COT AUD closed major Long and and few Short, reducing net positions (now in -ve). However N-R added Long and closed Short, slightly improving cumulative net position. We have seen closure of Long and addition of Short in last couple of months, making net positions move from 16K to -11K. AXY strengthened to test monthly resistance again during the said period and it further strengthened last week. AXY is testing Aug 2018 level now and we can expect some short term correction as strong bearish divergence can be seen. CAD closed Long and further added Short positions, reducing net positions, however cumulative net position with N-R has improved. CXY strengthened during the said period and after testing monthly resistance it further gained strength last week and is now testing next resistance level. We can expect correction to the downside as strong bearish divergence can be seen for CXY. Last bearish move was due to strong CAD and not because of weak AUD however now with expectation of weak AUD as well as CAD we can expect pair to continue sliding down. 4H > Price is dropping with bearish momentum breaking demand zone, wait for price to return back to test this zone now as resistance for a Short entry. Pair Correlation > AUDCAD has positive correlation with AUDCHF, AUDUSD and AUDJPY and negative correlation with EURAUD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
AUDCAD short opportunity We can see a W formation on the weekly chart and we can expect the market to go and test the neckline of W formation. AUDCAD is very bullish right now. So, we want to see AUDCAD reverse and make a retracement before continuing further. But, from the daily chart, we can see AUDCAD breaking the 0.95750 resistance level and making a higher high. So, not a good time to take a short. If we are to take a short we have to see the market shift first from bullish to bearish in the daily chart.
Short
by rafi_trader21
AUDCAD SHORT - PRICE IS LOSING MOMENTUM AT DAILY LEVEL!AUDCAD has been moving very correctively on the H4 timeframe and is starting lose its overall bullish momentum and a bearish reversal is on the cards now. We are currently at a daily level of resistance and if we start to see strong bearish price action coming into the market we could see a move lower as price finds support to continue in its bullish trend. If we do see a move to this level we could then see price continue in its uptrend and we could get a longer move back to the highs that we were trading at previously during the middle of September.
Short
by mikoaodu
AUDCAD - LONG; LongtermHere the upward sloping channel is indicative of the relative and ever increasing deterioration of the Royal Bank of Canada's balance sheet relative that of the Royal Bank of Australia's. - A significant and still increasing fiscal power versus new debt issuance capacity, advantage RBA. This unlikely to change anytime soon - i.e. for years if not more. Naturally this relationship remains entirely dependent on China's economic status, at any give time.
Long
by Nemo_Confidat