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🟢Forex Pair: AUD/CAD
⚪Technical Analysis: In the weekly time frame, since March 2020, the price has been following a strong uptrend, bouncing for the first time on its dynamic trendline during the month of October 2020. It has currently reached an interesting resistance zone and there is a possibility of a trend correction until the main trendline.
In the daily time frame, at the beginning of October, the price got a strong positive impulse, getting a clear rejection on the resistance level at about 0.99000. It's currently moving with a bearish movement, as a possible correction of the previous uptrend.
In the h4 time frame, after few attempts to break the main resistance area, the price collapsed down creating a falling wedge pattern.
🔴Conclusion: The price is clearly moving inside the falling wedge pattern and I'm confident to see it breaking through its dynamic support level until the next support area at about 0.97212. That's absolutely an interesting zone because is close to the main weekly trendline and in a short future we could see a new market reversal. I've currently got a short position on this trade and I'll be waiting the breakout of the pattern to plan my second short trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
I am still holding that sell, seems it is struggling now. are you holding it too?
FXtrades-gp
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@TheSignalyst Yep I still have my position opened and I’ll keep it until the price will move inside the pattern! ☺️
tagliatella8518381
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hey! how is your thought on this? Are you guys still holding it?
What's your consideration?
The channel has been broken.
Thanks
FXtrades-gp
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@tagliatella8518381, Hi and thanks for your feedback! until the price will move inside the falling wedge, I'll hold my sell position, I got my first sell at 0.98200 and I'll be waiting for the breakout of the dynamic support to plan my second one.
I think the price is slowly lose strength so there is still a good chance to catch a good trade :)