AUDCAD | A Possible Short-term Reversal Area
Hi,
Wait for a bearish candlestick formation inside the red area, criteria:
1. The blue trendline should act as a resistance
2. Fibonacci retracement levels
3. July low should act as a resistance
4. AB=CD
5. Daily EMA50
If the price breaks above the trendline then you should be really cautious but there are also some resistance levels which can stop the price, a possible fake-out.
6. 2018 low
7. The round number 0.91000
As said, to trigger the trade, wait for a bearish candlestick pattern (on the 4H or on the Daily), especially if it breaks above the trendline. To be more specific about the patterns above the trendline, if they occur then they have to complete/close back below the trendline.
NB: Watch out for that - 4. September Canada Interest Rate Decision
Do your own research and if this matching with mine then you are ready to go!
Good luck,
Vaido
Wait for a bearish candlestick formation inside the red area, criteria:
1. The blue trendline should act as a resistance
2. Fibonacci retracement levels
3. July low should act as a resistance
4. AB=CD
5. Daily EMA50
If the price breaks above the trendline then you should be really cautious but there are also some resistance levels which can stop the price, a possible fake-out.
6. 2018 low
7. The round number 0.91000
As said, to trigger the trade, wait for a bearish candlestick pattern (on the 4H or on the Daily), especially if it breaks above the trendline. To be more specific about the patterns above the trendline, if they occur then they have to complete/close back below the trendline.
NB: Watch out for that - 4. September Canada Interest Rate Decision
Do your own research and if this matching with mine then you are ready to go!
Good luck,
Vaido
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