AUD/CAD short: multiple factors and confluence
Looking at the weekly chart: Major support indicated by the white line. Price has held there for several weeks. The overall long term trend is to the downside. I believe there will be a violation of structure because price has been bouncing off these levels for weeks.
Looking at the daily chart: previous structure has been making lower lows and now has been consolidating.
Looking at the 240-minute chart: Resistance indicated by the yellow line shows price has respected this level for several swings. There is Fibonacci confluence with resistance at 0.618 fib level. RSI was in oversold condition as of the last touch of resistance. There is a completed cypher pattern completed at this level.
I have entered short because of the close of 240 minute lower low and lower close from the previous candle. Stops are just above all previous spike highs on the daily chart. I will take half targets at the daily close lows and half will be moved as price moves lower. stops will be moved to break even once a 1:1 is achieved.
Looking at the daily chart: previous structure has been making lower lows and now has been consolidating.
Looking at the 240-minute chart: Resistance indicated by the yellow line shows price has respected this level for several swings. There is Fibonacci confluence with resistance at 0.618 fib level. RSI was in oversold condition as of the last touch of resistance. There is a completed cypher pattern completed at this level.
I have entered short because of the close of 240 minute lower low and lower close from the previous candle. Stops are just above all previous spike highs on the daily chart. I will take half targets at the daily close lows and half will be moved as price moves lower. stops will be moved to break even once a 1:1 is achieved.