AUDCAD- Hovering at Resistance turn Support key level
Introduction to my analysis:
1) Price Action is KING- I'm a sole believer in price action, you will see me incorporating price action theory into my analysis.
2) Simplicity is key - I love to keep my charts neat and tidy! The more indicators you have on your chart, the more complicated your chart is. Thus, affecting your bias of that market. Let me introduce you to my 3 great trading friends... THE 20, 50 & 100 MA!!!
3) The mind! - My analysis may not always be right, nobody is, it's just my opinion and point of view. There's no right or wrong in any market analysis, the only thing is belief. Believe in me and my analysis, let the result be the light to the dark cloud hovering your thoughts about trading.
4) Please feel free to comment and feedback to me about my analysis & on your views about the market. Through sharing, we grow together as a trader or even better as friends!
AUDCAD
- Double top formed at key resistance level @ 0.99585, which shows sign of trend reversal.
- Price then drop further to next support level @ 0.98438
- Price is below all 3 MA, giving me a short bias.
- Currently, there's a corrective move for the bearish trend as shown in the picture.
- Take a look at the daily chart, the price is also below the 3 MA, giving me a short bias again.
- Price may hover at previous resistance turn support level @ 0.98438 before it continues to drop further towards the next support @ 0.97196
- Why will it hover? There's a little price rejection right below the support line as you can see from the previous 3 candlesticks lower wick.
- May enter market, a sell limit (as shown) or sell stop order (0.98200) after it breaks out support level, stop loss will be @ 0.98799
Enjoy trading my friends!!!
FOLLOW, LIKE & COMMENT if you like the way my analysis is!!!
Regards,
Kayden
"Simplicity is the ultimate sophistication" - Leonardo da Vinci
1) Price Action is KING- I'm a sole believer in price action, you will see me incorporating price action theory into my analysis.
2) Simplicity is key - I love to keep my charts neat and tidy! The more indicators you have on your chart, the more complicated your chart is. Thus, affecting your bias of that market. Let me introduce you to my 3 great trading friends... THE 20, 50 & 100 MA!!!
3) The mind! - My analysis may not always be right, nobody is, it's just my opinion and point of view. There's no right or wrong in any market analysis, the only thing is belief. Believe in me and my analysis, let the result be the light to the dark cloud hovering your thoughts about trading.
4) Please feel free to comment and feedback to me about my analysis & on your views about the market. Through sharing, we grow together as a trader or even better as friends!
AUDCAD
- Double top formed at key resistance level @ 0.99585, which shows sign of trend reversal.
- Price then drop further to next support level @ 0.98438
- Price is below all 3 MA, giving me a short bias.
- Currently, there's a corrective move for the bearish trend as shown in the picture.
- Take a look at the daily chart, the price is also below the 3 MA, giving me a short bias again.
- Price may hover at previous resistance turn support level @ 0.98438 before it continues to drop further towards the next support @ 0.97196
- Why will it hover? There's a little price rejection right below the support line as you can see from the previous 3 candlesticks lower wick.
- May enter market, a sell limit (as shown) or sell stop order (0.98200) after it breaks out support level, stop loss will be @ 0.98799
Enjoy trading my friends!!!
FOLLOW, LIKE & COMMENT if you like the way my analysis is!!!
Regards,
Kayden
"Simplicity is the ultimate sophistication" - Leonardo da Vinci