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Audcadshort

AUDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Market reached resistance level that had pushed price way down last time, as expected price is now moving down. We can see W formation and expect drop to test the neck. W > Price made 3 attempts to break monthly resistance and after failing moved down to create a LL. Price had a pull up to test supply zone and we can see rejection wick on weekly candle. D > We saw an M formation and after creating LL price moved up to complete the formation, we now expect continuation of bearish trend. We have two targets, 1st is weekly demand zone and 2nd target is till neck of W formation. As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. 4H > Price make a pull back to test support level now turned resistance to capture liquidity and should continue with bearish move. Pair Correlation > AUDCAD has positive correlation with AUDUSD and NZDCAD and negative correlation with GBPAUD. 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 you can share your view and ask questions. Thank You AP17FX
Short
by AP17FX
AUDCAD - SELL - 4H ResistanceAUDCAD - SELL - 4H Resistance Analysis of the AUDCAD on 4H chart Here is the SELL trade setup for AUDCAD Sell @ Market Stop Loss @ 0.95791 Take Profit Option 1: @ 0.93908 3:1 reward-to-risk ratio Take Profit Option 2: Breakeven @ 0.93908 Hold for a continued move ------------------------------------------------------------------------------------ ⚠ Disclaimer! The content of this analysis is subject to change at any time without notice. ⚠ It is provided for the sole purpose of assisting traders to make independent investment decisions. ⚠ You must do your own research to create your own trading plan for the market. ------------------------------------------------------------------------------------
Short
by UnknownUnicorn5418842
AUDCAD: Bearish Movement Not Done... Level to watch!!!As of now, I see a good resistance zone for AUDCAD as it moves to retest this broken support zone before it continues its BEARISH movement. Do keep a look out for this pair. 23.6 - 38.2 fib level gives us a good opportunity to sell this pair. I will see this pair moving back to its broken trend resistance. (Red Line) Looking at the other fib line i draw, you can see the 23.6 fib level being rather significant with many retest at this zone previously. (Circles) Definitely, this will be a level to watch before BEARISH continuation. Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Short
by YGForex
AUD/CAD - retesting double top neckline before move lowerAUD/CAD price action is currently in the process of testing a double top formation neckline. The double top for price is more clearly seen on the daily timeframe but the peaks have been pointed out on the image above. The fact that the double top has been created on the daily fills us with confidence that, for now, price has found an upper limit and is on it's way back down. Price closed below the neckline of this double top formation late last week, signalling a lower low. Today price is now retesting the neckline which we see as an excellent opportunity to enter short on this pair. Our price target will sit at the support level of 0.92371. If price closes above the neckline on the daily time frame, this analysis will be invalidated.
Short
by TheForexFellows
AUDCAD reversal potential as it tests lower breakout boundaryThis pair has been in a monster uptrend since late March of this year. Price finally peaked in the beginning of August as we touched the upper level three times without making a significant push higher. Today's open shows price making a pullback to the lower bound level at 0.9445. If price manages to hold below this level, we can target an excellent R-multiple as we make a major trend shift. Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.
Short
by FinancialGamblR
AUDCAD DOWNAUDCAD The price broke the level we had yesterday and I believe the price will go down and reach the purple dotted trend line. That line is a respected line on a daily and weekly time frame, therefore I believe It will go down and touch it. So let the price make the retest before taking any entries on the down side. . . . El precio rompio el nivel marcado que teníamos ayer y creo que el precio bajara aun mas hasta llegar a la linea punteada. Pienso eso porque es una linea que ha sido respetada en el pasado en la temporalidad diaria y semanal y considero que volverá a tocarla. Asi que esperemos que el precio haga primero un retesteo a la baja en la linea roja antes de tomar una entrada en venta.
Short
by anaju17