Hi, guys I hope that you are all well!
Typically at this time of year markets generally quite down due to Christmas approaching, however we are seeing some strong moves in the market across my portfolio and AUDCAD happens to be one of them.
What I am looking for is bearish trend continuation following a pullback up into the most recent area of consolidation/range in anticipation for sellers to step back into the market and make one final retest of the lows at .9570's.
So far price action has tested this area/kill zone a few times and buyers continue to find resistance.
RSI has also gone OB (80) but I am still yet to get an entry myself as price action has not yet formed a valid LLLC candlestick within the identified kill zone and until I have the entry reason I cannot enter just yet.
We do also have some FIB confluence within the kill zone to add further reason for why sellers could step back into this market and the next level of structure support being down at lows of .9560's
I will continue to monitor this pair and hopefully I will get my entry reasons met and able to get involved in the trade itself.
Trade with confidence,
Henri W.
Typically at this time of year markets generally quite down due to Christmas approaching, however we are seeing some strong moves in the market across my portfolio and AUDCAD happens to be one of them.
What I am looking for is bearish trend continuation following a pullback up into the most recent area of consolidation/range in anticipation for sellers to step back into the market and make one final retest of the lows at .9570's.
So far price action has tested this area/kill zone a few times and buyers continue to find resistance.
RSI has also gone OB (80) but I am still yet to get an entry myself as price action has not yet formed a valid LLLC candlestick within the identified kill zone and until I have the entry reason I cannot enter just yet.
We do also have some FIB confluence within the kill zone to add further reason for why sellers could step back into this market and the next level of structure support being down at lows of .9560's
I will continue to monitor this pair and hopefully I will get my entry reasons met and able to get involved in the trade itself.
Trade with confidence,
Henri W.