Evening, again another week quickly coming to an end with Friday fast approaching, a lot of trades I'm looking at are potential next week trades, but I am looking at a AUDCAD Short, a continuation trade to the downside.
After a rejection off the downward trend line with a 4 hour evening star and a more recent bearish engulfing. Along with a 0.5 fib level confluence.
Looks like we have now formed the lower high we were looking for and headed again to the downside, first targets at previous lows at 0% fib, and then we'll start looking at fib extensions for targets.
We do need to be careful of the 4 hourly 50ma in case price bounces and heads back to the retest the downward trend line.
Will we see further downside? lets see what price does from here.
After a rejection off the downward trend line with a 4 hour evening star and a more recent bearish engulfing. Along with a 0.5 fib level confluence.
Looks like we have now formed the lower high we were looking for and headed again to the downside, first targets at previous lows at 0% fib, and then we'll start looking at fib extensions for targets.
We do need to be careful of the 4 hourly 50ma in case price bounces and heads back to the retest the downward trend line.
Will we see further downside? lets see what price does from here.