Hello traders! ‼️ This is my perspective on EURCAD.
Technical analysis: Here we are in a bearish market structure from 4H timeframe perspective, so I am looking for short. I want price to make a retracement to fill the imbalance higher and then to reject from bearish order block + institutional big figure 1.47000.
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@prime1000 I wait for another short opportunity from that zone
prime1000
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@Snick3rSD Alright, good. Perhaps the EURAUD will present that possibility for you. Given their positive correlation, I believe EURAUD is about to make the same move as EURCAD.
EURCAD:
EURAUD:
Snick3rSD
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Great analysis, we could see this move on both charts
@Snick3rSD I believe the bullish trend for AUDCAD will begin next week because it has a relatively negative correlation with both EURAUD and EURCAD. If you look closely, however, it is merely acting in the opposite direction of what EURAUD and EURCAD are doing.
AUDCAD:
Snick3rSD
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@prime1000, As well we can see there is a support zone around 0.88400.