AUDCAD Potential Short
We are seeing AUDCAD entering RSI Overbought on the H1 timeframe, along with testing its pivot and long term trendline.
I would anticipate a correction downwards over the coming hours, 382 fib looking like a decent target as it will line up with the EMA50.
Look at shorter timeframes for a good entry point.
I would anticipate a correction downwards over the coming hours, 382 fib looking like a decent target as it will line up with the EMA50.
Look at shorter timeframes for a good entry point.
Nota
AUDCAD pushing higher than I expected so caution should be exercised if entering a trade. The previous trendline of support, which then became resistance, could become support again especially if a candle opens and closes completely above it (which it is about to on the M30 timescale).Continuing to monitor but certainly no entry yet.
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