AUDCAD - Opinions please!
AUDCAD -
The charts would point to a great short - price is at the top of an descending channel & any push above the top of the channel will put price into an area of decent resistance, providing another great point to short from.
However, I believe CAD should show weakness throughout all of next week (CAD strength correlated to OIL, which is currently in a sell off that I expect to continue). This could allow AUD to push through resistance, retrace to the top of the channel, reject falling back into the channel and push higher again.
But as the charts are pointing toward a short, but I also believe CAD will be weak - I'm just going to sit out and wait for price action to confirm the next move
The charts would point to a great short - price is at the top of an descending channel & any push above the top of the channel will put price into an area of decent resistance, providing another great point to short from.
However, I believe CAD should show weakness throughout all of next week (CAD strength correlated to OIL, which is currently in a sell off that I expect to continue). This could allow AUD to push through resistance, retrace to the top of the channel, reject falling back into the channel and push higher again.
But as the charts are pointing toward a short, but I also believe CAD will be weak - I'm just going to sit out and wait for price action to confirm the next move
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.