AUDCAD - Momentum Divergence and Bearish Pennant?
AUD has had a strong run-up against the CAD and appears to be pausing with consolidation taking the pattern of a rising Bearish Pennant as well as a divergence between price and Momentum.
This pause could precede a breakout to retest previous resistance/support levels and previous pivot highs/lows which are in close proximity, so high non-directional volatility could trigger tight stop-losses.
Expectations amongst the retail traders are that it is due for a bearish retracement so there is a high likelihood of a bullish spike fueled by their stop-losses above the market prior to this retracement.
This pause could precede a breakout to retest previous resistance/support levels and previous pivot highs/lows which are in close proximity, so high non-directional volatility could trigger tight stop-losses.
Expectations amongst the retail traders are that it is due for a bearish retracement so there is a high likelihood of a bullish spike fueled by their stop-losses above the market prior to this retracement.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.