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TECHNICAL ANALYSIS:
Since the beginning of December the price has been moving in a strong ascending channel and today, 11th of January, the price broke the channel for the first time.
I also have to say that the AUDCAD is actually in an interesting area, in fact the price reached the main weekly resistance area, that rejected it many times in the past.
We can't confirm right now the beginning of a new trend because the price is actually moving around a daily support zone, but the price action around this area will be really interesting to give us a short opportunity.
CONCLUSION:
I believe the price is going to start an upcoming downtrend, we've already got few signs of that and a pullback on the support level or on the dynamic trendline's support will confirm it and I'll update my personal datails of this trade!
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since the beginning of December the price has been moving in a strong ascending channel and today, 11th of January, the price broke the channel for the first time.
I also have to say that the AUDCAD is actually in an interesting area, in fact the price reached the main weekly resistance area, that rejected it many times in the past.
We can't confirm right now the beginning of a new trend because the price is actually moving around a daily support zone, but the price action around this area will be really interesting to give us a short opportunity.
CONCLUSION:
I believe the price is going to start an upcoming downtrend, we've already got few signs of that and a pullback on the support level or on the dynamic trendline's support will confirm it and I'll update my personal datails of this trade!
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
I'll plan a Short Position if the price will break the support at about 0.98313.