Sell AUDCAD Symmetrical Triangle
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The AUD/CAD pair on the M30 timeframe presents a Potential Selling Opportunity due to a recent breakout from a Triangle Pattern. This suggests a shift in momentum towards the downside in the coming hours.
Possible Short Trade:
Entry: Consider Entering A Short Position below The Broken Trendline Of The Triangle After Confirmation. Ideally, This Would Be Around 0.9070.
Target Levels:
1st Support – 0.9028
2nd Support – 0.9007
Stop-Loss: To manage risk, place a stop-loss order above 0.9090. This helps limit potential losses if the price falls back unexpectedly.
Bearish Breakdown:
Triangle Breakout Retest: The price action recently broke above a bullish triangle, indicating a potential uptrend. However, it has now returned to retest the broken resistance line of the triangle. This retest often precedes a reversal.
Ichimoku Cloud Resistance: The price is currently hovering near the Ichimoku cloud, which can act as a resistance zone. A rejection from this area could further strengthen the bearish case.
Thank you.
Possible Short Trade:
Entry: Consider Entering A Short Position below The Broken Trendline Of The Triangle After Confirmation. Ideally, This Would Be Around 0.9070.
Target Levels:
1st Support – 0.9028
2nd Support – 0.9007
Stop-Loss: To manage risk, place a stop-loss order above 0.9090. This helps limit potential losses if the price falls back unexpectedly.
Bearish Breakdown:
Triangle Breakout Retest: The price action recently broke above a bullish triangle, indicating a potential uptrend. However, it has now returned to retest the broken resistance line of the triangle. This retest often precedes a reversal.
Ichimoku Cloud Resistance: The price is currently hovering near the Ichimoku cloud, which can act as a resistance zone. A rejection from this area could further strengthen the bearish case.
Thank you.
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