AUDCAD - Short - Correction before any upward continuation!
Note: This is not financial advice, just an idea.
The chart speaks for itself.
This is a short-term trade.
Finally broke its upward trend in the 15m time frame.
MACD, Stoch, and RSI all indicate an over-bought market that needs to be retraced/corrected in the 1-hr time frame.
Fibonacci retracement of at least 0.5 is expected with the potential of a further correction to the 0.618 mark.
If the correction extends to 0.618, the golden rule, then this would also coincide with a retest of the previous 4hr upper bound trend line.
Please feel free to leave any questions and/or thoughts; if you agree with this or enjoyed reading, please like and follow for future trade ideas!
Best of luck to all traders in this volatile market!
The chart speaks for itself.
This is a short-term trade.
Finally broke its upward trend in the 15m time frame.
MACD, Stoch, and RSI all indicate an over-bought market that needs to be retraced/corrected in the 1-hr time frame.
Fibonacci retracement of at least 0.5 is expected with the potential of a further correction to the 0.618 mark.
If the correction extends to 0.618, the golden rule, then this would also coincide with a retest of the previous 4hr upper bound trend line.
Please feel free to leave any questions and/or thoughts; if you agree with this or enjoyed reading, please like and follow for future trade ideas!
Best of luck to all traders in this volatile market!