AUDCAD watch for a sell.

Hi traders,

Keep an eye on this one for a sell setup. I am expecting a move down, but the question is, is the upside over? I guess when price hits the sideway support we will soon find out, maybe one more up leg before the down impulse leg.

I am expecting downside in the form of impulse leg. It could bounce on the support level before the breakdown. You can sell now and watch at structure,
alternatively, you can watch for a breakout of structure and a retest on support turned resistance and seek shorts there.

Best regards,
Tom_Killick

Kommentar:

Price had a small bounce off of sideways support level, will it move up into previous structure before the breakdown, or will it break straight down? I guess we will soon all find out.