AUDCAD Technical Analysis 12.4.2017
AUDCAD has already pushed lower since it formed a top last week on November 30 2017. The pair is showing bearish patterns which has already sold off from. Red bearish pattern triggered sells at the red BC 0.50% Fib. retracement level where the pair reversed lower from that area. To add more bearish sentiment AUDCAD has also broken below a bearish channel/flag green pattern which is calling for more downside below the 0.9611 November 17 2017 low. As to how to get in the sell off now, we must wait for the BC 50% Fib. retracement of the possible blue bearish pattern to trigger. A pullback to the 0.50% level of the blue bearish pattern will find more sellers and push AUDCAD lower.
If looking to sell AUDCAD traders should be patient and wait for price to terminate blue point C first between the area of the AB 1.618% – 2.24% Fib. retracement levels and then make a move higher towards the blue BC 0.50% Fib. retracement level where the SELL triggers. Waiting for price to hit the blue BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bearish pattern is invalidated if price moves above point B level of the pattern.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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