AUDCAD - Breakout or fake-out?
Daily: The market is currently making correction after an huge upside impulse. Lower high and low also have been created. MACD also indicates a the bullish strength is getting weaker with more bearish momentum.
4H: The price has been consolidated for a while now. The recent bearish candle breakout the structure and approaching the 200 EMA, indicating the lower lows might create. MACD is also in a slight bearish strength.
HOWEVER, the price is currently in respect to the 200 EMA, which can act as a very strong support to bounce back up to the consolidation zone.
**What to do now? When to sell?**
- In respect to the 200EMA, we need more confirmations to identify is it a fake breakout or not.
- If the price managed to break above with strong force, the setup would be invalid..
- If the price bounce up and retest at the key area, I will wait for selling opportunities.
Don't forget to comment below if you have different ideas on this pair! Good luck to you, traders!
4H: The price has been consolidated for a while now. The recent bearish candle breakout the structure and approaching the 200 EMA, indicating the lower lows might create. MACD is also in a slight bearish strength.
HOWEVER, the price is currently in respect to the 200 EMA, which can act as a very strong support to bounce back up to the consolidation zone.
**What to do now? When to sell?**
- In respect to the 200EMA, we need more confirmations to identify is it a fake breakout or not.
- If the price managed to break above with strong force, the setup would be invalid..
- If the price bounce up and retest at the key area, I will wait for selling opportunities.
Don't forget to comment below if you have different ideas on this pair! Good luck to you, traders!
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