Hey guys,
this is the 4hr chart on AUDCAD and, as you can see, price has managed to break and close below a key support level (on the daily) @0,9950. Since this happened, we can now expect to see support turning into resistance, following the trend established in the downward direction. This zone also helps us creating a comfortable area where we can have good stops and good potential reward, with a nice RR ratio. The yellow box signals the are where i'm going to consider a short opportunity.
If you want to ask questions or comment, feel free to write below.
Otherwise, see you in the next chart!
this is the 4hr chart on AUDCAD and, as you can see, price has managed to break and close below a key support level (on the daily) @0,9950. Since this happened, we can now expect to see support turning into resistance, following the trend established in the downward direction. This zone also helps us creating a comfortable area where we can have good stops and good potential reward, with a nice RR ratio. The yellow box signals the are where i'm going to consider a short opportunity.
If you want to ask questions or comment, feel free to write below.
Otherwise, see you in the next chart!