Hello Traders,
Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market reached resistance level that had pushed price way down last time, as expected price is now moving down. We can see W formation and expect drop to test the neck.
W > Price made 3 attempts to break monthly resistance and after failing moved down to create a LL. Price had a pull up to test supply zone and we can see rejection wick on weekly candle.
D > We saw an M formation and after creating LL price moved up to complete the formation, we now expect continuation of bearish trend. We have two targets, 1st is weekly demand zone and 2nd target is till neck of W formation.
As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week.
4H > Price make a pull back to test support level now turned resistance to capture liquidity and should continue with bearish move.
Pair Correlation > AUDCAD has positive correlation with AUDUSD and NZDCAD and negative correlation with GBPAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market reached resistance level that had pushed price way down last time, as expected price is now moving down. We can see W formation and expect drop to test the neck.
W > Price made 3 attempts to break monthly resistance and after failing moved down to create a LL. Price had a pull up to test supply zone and we can see rejection wick on weekly candle.
D > We saw an M formation and after creating LL price moved up to complete the formation, we now expect continuation of bearish trend. We have two targets, 1st is weekly demand zone and 2nd target is till neck of W formation.
As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week.
4H > Price make a pull back to test support level now turned resistance to capture liquidity and should continue with bearish move.
Pair Correlation > AUDCAD has positive correlation with AUDUSD and NZDCAD and negative correlation with GBPAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX