It's not a pair I trade a lot but I couldn't help notice this lovely set up on AUDCAD today.
As we can see AUDCAD is downtrending in a channel formation. At CMP we see price rejecting from the upper band of the channel in line with the 0.97 psychological level and EMA. This provides us a nice set up to catch price's next move down to hopefully revisit the last swing low at around the 0.96150 level.
With stops placed above the 0.97 psychological this offers a small risk and good R:R.
Let's see how this plays out over the course of NY.
As we can see AUDCAD is downtrending in a channel formation. At CMP we see price rejecting from the upper band of the channel in line with the 0.97 psychological level and EMA. This provides us a nice set up to catch price's next move down to hopefully revisit the last swing low at around the 0.96150 level.
With stops placed above the 0.97 psychological this offers a small risk and good R:R.
Let's see how this plays out over the course of NY.