Short-term Sell on AUDCAD

5 Jul 2020

Overall LONG trend on the pair that needs to be supported by a short-term sell for the rally to continue to the upside.

Market printed a 'W' formation on the Weekly and the SHORT is based on the [FIB] retracement to the neckline of the structure.

Confluence is further supported by an increase in LONG contracts of Hedge funds in Canadian Dollar, strengthening CAD and more SHORTS and weakening of the Australian Dollar.
AUDCAD

Target areas:
SL: 0.94300
TP: 0.88950

12 Jul 2020

Dagangan aktif

COT order flow indicates more long positions added to Aussie Dollar hence the continued push upward, however market created a double-top structure on the 4H which this update is based on.

Still looking to short the pair however will keep observing price action for confirmation of the move downward. See snapshot for update and levels;

Bias will be nullified by continued move to the upside.