AUD CAD looking interesting for a SELL setup
The price in the making of triple top in the 1 hour chart. Waiting for the price to crack below neckline and pull back to retest.
The price was in a short term up trend in 1 hr chart, also nearing the top of the descending channel in the daily chart. It then broke the upward channel to retest it again to possibly form the triple top.
Also, regular divergence is spotted in the 1 hour chart against the short term up trend.
Confluence exists wiht the higher time frames. Both daily and weekly charts showing bearish price action.
All of the above reasons points towards a possible SELL setup.
Key is to wait till the price falls below the neckline in the 1 hr chart and retest it to confirm a SELL entry.
The price was in a short term up trend in 1 hr chart, also nearing the top of the descending channel in the daily chart. It then broke the upward channel to retest it again to possibly form the triple top.
Also, regular divergence is spotted in the 1 hour chart against the short term up trend.
Confluence exists wiht the higher time frames. Both daily and weekly charts showing bearish price action.
All of the above reasons points towards a possible SELL setup.
Key is to wait till the price falls below the neckline in the 1 hr chart and retest it to confirm a SELL entry.