$AUDCAD | Sell Trade | Market Exec |

19 Ağu

Technical Confluences:
- Price actions are now at Stochastic Overbought conditions in Daily, H4 and H1
- Price action is at the 78% Fibo retracement levels which also coincides with a Interest Zone

Fundamental Confluences:
- Both currencies are considered as commodity currencies and both currencies require strong commodity prices to prosper and it all comes down to growth
- Australia's growth is more concentrated on China's outlook and Canada's very US-centric still.
- We are still not seeing much growth momentum in the China space and with US-side having a soft landing possibility, Canada's prospects should be better at the moment

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Will be taking a position into a sell AUDCAD position.

Targeting to TP approximately half the position at the 50% Fibo Extension levels (in blue) and move my SL levels to B/E. It will depend on how the price action is at the 50% Fibo's Interest Zone.

This trade will be the battle of the Interest Zones.

Full TP are the 61%/78% Fibo Extension levels.

Remember, DYOR.