AUDCAD Technical Analysis May 24/2019
AUDCAD remains bearish as long as the April 17/2019 high remains untouched. On the 4 hour chart there is a clear visible bearish pattern that can be seen. The blue bearish pattern triggers SELLS at the BC 0.50% Fib. retracement level. Price has still not reached this level so traders will need to be patient and see if AUDCAD will push higher to this level. Previous structure can offer resistance at the blue box “possible area of reversal” where the BC 0.50% Fib. retracement is also situated. If looking to trade AUDCAD traders will need to watch for possible reversal signals in the blue box area and traders should wait for price to at least reach the minimum BC 0.50% level. The bearish pattern invalidates if price moves above the point B of the blue bearish pattern. At the moment this is just an analysis of a possible bearish scenario and traders will need to wait for more bearish confirmation if and when price reaches the reversal zone. Only time will tell what the pair will do but at least now you are aware of the possible area where AUDCAD can reverse lower from.
AUDCAD 4 Hour Chart 5.24.2019
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 ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack