AUDCAD - 18/08/2019
Aggiornato
Monthly and Weekly:
The monthly fib retracement shows a long term first target of 0.88000 (27%). However, the week before this close, the candlestick end was a doji, which could possibly signal a reversal towards the bullish side. This week however, ended below the weekly resistance of 0.90500. We also have to be careful as the market has not been this low since around 2012, so a sudden bullish movement could take off. However, it could also mean that it could continue downwards, we just have to see how the market reacts to key levels.
Daily:
On the daily we can see that there is a bearish trendline.
Upon using the fib retracement from the last high to the current low, we can see that the trendline lies inbetween the 50% and the 61.8% fib levels.
This is a perfect opportunity to take a short trade, respecting the fib levels. We can place the stops 15-20 pips above the 61.8% fib level. I would take this trade to the 0.88000 target level. However, be careful about the daily support level at around 0.892000 level.
The monthly fib retracement shows a long term first target of 0.88000 (27%). However, the week before this close, the candlestick end was a doji, which could possibly signal a reversal towards the bullish side. This week however, ended below the weekly resistance of 0.90500. We also have to be careful as the market has not been this low since around 2012, so a sudden bullish movement could take off. However, it could also mean that it could continue downwards, we just have to see how the market reacts to key levels.
Daily:
On the daily we can see that there is a bearish trendline.
Upon using the fib retracement from the last high to the current low, we can see that the trendline lies inbetween the 50% and the 61.8% fib levels.
This is a perfect opportunity to take a short trade, respecting the fib levels. We can place the stops 15-20 pips above the 61.8% fib level. I would take this trade to the 0.88000 target level. However, be careful about the daily support level at around 0.892000 level.
Nota
UPDATE: I didn't take any trade yet as it did not reach my sell limit inbetween the 50 and 61.8 fib level. It did seem to reject the 38.2 fib level and pivot around there, so my trade may be invalidated and it may have already started it's further bearish move towards the 0.88000 long term target.
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