AUDCAD / 60 / Short term reversal opportunity
With a series of Lower Highs and Lower Lows, AUD/CAD has been moving in a downtrend for the past weeks.
We see price broke the short term resistance 0.9010 level (and also the previous top) on 8 Aug indicating a possible short term reversal.
However the market has failed to put in a Higher high and instead has decides to go once again below 0.9010 structure level. This signals the market did not agree with the break out and decided to move lower.
We entered at 618 level and set target price at the previous low.
Gordon @GoreStreetTrading
We see price broke the short term resistance 0.9010 level (and also the previous top) on 8 Aug indicating a possible short term reversal.
However the market has failed to put in a Higher high and instead has decides to go once again below 0.9010 structure level. This signals the market did not agree with the break out and decided to move lower.
We entered at 618 level and set target price at the previous low.
Gordon @GoreStreetTrading