What are you trading today in Forex? Is AUD/CAD one of the pairs on your watchlist? If not then stop anything that you are doing right now and login to either your MT4 or MT5 Platforms and have a look at it.
A head and shoulder pattern just finished forming on the 1-hour chart and if you ask me?
There is a great chance that prices for the pair may continue to fall even further.
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What’s more, there aren’t a lot of important economic events lined up for either the Sydney or Tokyo sessions which gives the pair the freedom to go further down if there are enough bears to push it.
That’s not all the stochastic is also still in the seller’s favor rallying towards the oversold zone and the general trend for AUD/CAD on both the one-hour and for-hour charts is a downtrend.
AUD/CAD 1-Hour Chart
EUR/USD Reversal and Trend Continuation.
EUR/USD had a price level of 1.05430 for the fourth time in a row, this time forming top tweezers followed by a strong price rejection at the resistance area.
The stochastic has also left the overbought zone safely back below the 80 levels.
EUR bears can sell at current levels and take profits at the 1.05000 support area.
BTC/USD Bear flag.
If you are into crypto, there is a great chance that the BTC/USD will continue to drop even further and potentially go back below 18000 price levels.
Bears who like getting early on a trend can short BTC at the price level of 20400 while the more conservative ones can for the price to retest the resistance 20200.
What will you be trading today?
Will you trade BTC, EUR, or AUD?
I’m definitely putting my money on AUD/CAD head and shoulder situation.
Leave a comment below with what you will be trading and if you don’t have a trading account, choose the best. Trade with XM Forex.