AUDCAD Sell: 300+ pip Opportunity Update

AUDCAD bounced off top of channel as expected (see past AUDCAD idea linked).

This trade profited over 100 pips.

Waiting on a break of .9500 area and a close under it. This will confirm more selling to the bottom side.

Indicators:
1. Weekly trend is still downwards.
2. Weekly RSI overbought, now in a strong sell zone

Entry:
Once we have a break of channel, sell on the retest of the bottom channel (new resistance).

TP 1: next support area of 0.9426
TP 2: higher time frame support of 0.9283

Good luck trading!

Charles V
www.cvfxmanagement.com
@cvfxwealth
Trading made simple

Commentaire:

Bottom of channel broken as of this morning 8/3. Wait for daily to close under the channel to look to sell.