AUDCAD pullback before continuation
Updated
AUDCAD has seen a significant decline since meeting the upper trendline resistance, as predicted in the previous idea shown below.
Price has seen a pullback to an area of previous support but in my opinion we are still in a bearish wave and this small correction is an opportunity to get in before the wave continues down.
We are already seeing rejection from this area, this is an opportunity to look for price action signals for a short position.
On the chart is a conservative target but with a stop loss above this area of previous resistance around the 0.91600 mark, this would still represent approx 1.5 R trade.
NOT financial advice, make your own trading decisions.
Price has seen a pullback to an area of previous support but in my opinion we are still in a bearish wave and this small correction is an opportunity to get in before the wave continues down.
We are already seeing rejection from this area, this is an opportunity to look for price action signals for a short position.
On the chart is a conservative target but with a stop loss above this area of previous resistance around the 0.91600 mark, this would still represent approx 1.5 R trade.
NOT financial advice, make your own trading decisions.
Trade closed: target reached
Target reached, price continued to drop as expected, right through our target area and then reversed just below our target 👍
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