JICPT|AUDCAD daily short setup
Hello forex traders. I just identified a short setup of AUDCAD on the daily timeframe. This is a momentum play combined with multi-timeframe analysis.
1. Weekly chart: pivot low got violated with momentum to the downside. Price has pulled back to the downtrend line, creating potential short opportunities.
2. Daily chart: flip with supply structure which happens to be in line with the weekly chart.
CAD has a high correlation with crude oil which has fallen by over 2% today. Now it sat around a key level. The rebound of the crude oil(if it happens) will help us to push down the AUDCAD.
What do you think? Give me a like if you're with me.
1. Weekly chart: pivot low got violated with momentum to the downside. Price has pulled back to the downtrend line, creating potential short opportunities.
2. Daily chart: flip with supply structure which happens to be in line with the weekly chart.
CAD has a high correlation with crude oil which has fallen by over 2% today. Now it sat around a key level. The rebound of the crude oil(if it happens) will help us to push down the AUDCAD.
What do you think? Give me a like if you're with me.
Commento:
The red line I drew was being tested once and price closed above the level.
Commento:
On the 60m chart, the momentum to the upside is strong. The uptrend channel needs to be violated or it will continue to go higher.
Commento:
Selling pressure
Commento:
The stability of the crude oil gave us a hand!
Commento:
Momentum plays.
Commento:
On the daily chart, it continues going down with crude oil bouncing back from key structures.
plan your trade and trade your plan
