AUDCAD short opportunity
We can see a W formation on the weekly chart and we can expect the market to go and test the neckline of W formation.
AUDCAD is very bullish right now. So, we want to see AUDCAD reverse and make a retracement before continuing further.
But, from the daily chart, we can see AUDCAD breaking the 0.95750 resistance level and making a higher high. So, not a good time to take a short. If we are to take a short we have to see the market shift first from bullish to bearish in the daily chart.
AUDCAD is very bullish right now. So, we want to see AUDCAD reverse and make a retracement before continuing further.
But, from the daily chart, we can see AUDCAD breaking the 0.95750 resistance level and making a higher high. So, not a good time to take a short. If we are to take a short we have to see the market shift first from bullish to bearish in the daily chart.
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