AUDCAD Daily Entry Short
Hello Traders,
This is my TA thought process for this week AUDCAD market. I'm looking to short on daily by analysing on 4hr TF.
Time frames
Weekly: Downtrend
Daily: Uptrend
4hr: Uptrend
On the weekly chart, the price is approaching an important resistance level @ 0.91690. Price will reverse at this level due to:-
1. Uptrend momentum on 4hr chart is weakened after crossing @ 0.89158. Price is getting more chopping since this level
2. Size of green candle bar shortening with each bar approaching 0.91690 on weekly TF
3. On weekly TF, 0.91690 act as support and resistance with strong reactions to past prices making it an important key level
This is my TA thought process for this week AUDCAD market. I'm looking to short on daily by analysing on 4hr TF.
Time frames
Weekly: Downtrend
Daily: Uptrend
4hr: Uptrend
On the weekly chart, the price is approaching an important resistance level @ 0.91690. Price will reverse at this level due to:-
1. Uptrend momentum on 4hr chart is weakened after crossing @ 0.89158. Price is getting more chopping since this level
2. Size of green candle bar shortening with each bar approaching 0.91690 on weekly TF
3. On weekly TF, 0.91690 act as support and resistance with strong reactions to past prices making it an important key level
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