AUDCAD - Update on structure
Greetings Fellow Traders,
I posted recently by the request of one of my followers about the AUDCAD pair - and that I was looking for bears to remain dominant in the near term market, until an appropriate level could be entered for buys. Right after that post we rallied momentarily and last week a major sell off began. Selling opportunities were possible on the break of that bullish strength that failed to make a new high in general.
My overall outlook for this pair remains unchanged on the daily scale, in fact recent price action only provides a stronger set up for the bulls. I've shown the daily chart here, if lower time frames look good I would recommend looking for signs of bullish activity around .98000 ( or lower on a direct retest of the 2nd dotted line, remember channels can give an accurate picture of market extreme entries)
Ultimately though, the true bullish trade will not occur, likely many days from now, if not 2-3 weeks as we look for the bullish daily candle close above the upper dotted red line.
Until then, if you trade the lower time frames and are comfortable with entries, look for opportunities to move lower to those desired entries for bulls.
Feel free to comment/like/follow
I posted recently by the request of one of my followers about the AUDCAD pair - and that I was looking for bears to remain dominant in the near term market, until an appropriate level could be entered for buys. Right after that post we rallied momentarily and last week a major sell off began. Selling opportunities were possible on the break of that bullish strength that failed to make a new high in general.
My overall outlook for this pair remains unchanged on the daily scale, in fact recent price action only provides a stronger set up for the bulls. I've shown the daily chart here, if lower time frames look good I would recommend looking for signs of bullish activity around .98000 ( or lower on a direct retest of the 2nd dotted line, remember channels can give an accurate picture of market extreme entries)
Ultimately though, the true bullish trade will not occur, likely many days from now, if not 2-3 weeks as we look for the bullish daily candle close above the upper dotted red line.
Until then, if you trade the lower time frames and are comfortable with entries, look for opportunities to move lower to those desired entries for bulls.
Feel free to comment/like/follow
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