AUDCAD Weekly S/R| Volume Climax| Bearish Divergence| Local S/R
Repost**
Evening Traders,
Second analysis update – AUDCAD- Price testing weekly S/R after an oversold bounce play, correction at this point is likely as this is a technical trade location.
Points to consider,
- Oversold bounce play
- Weekly S/R Pivot (Resistance)
- Local S/R Flip Retest
- Technical Bearish Divergence
- Evident Volume Climax
AUDUSD had an oversold bounce play from swing low, currently respecting Weekly S/R which allows us to have a bearish bias.
The immediate local S/R has been flipped; price retesting and holding this level will confirm an S/R Flip retest.
Price action has a technical bearish divergence; this indicates immediate weakness in the market however validation will be upon an impulse down.
The volume profile has an evident volume climax, this usually marks temporary tops in a trend. This further adds to the probability of an immediate correction.
Overall, in my opinion, AUDCAD is a valid short with defined risk above weekly S/R. Price action is to be used upon discretion/management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Evening Traders,
Second analysis update – AUDCAD- Price testing weekly S/R after an oversold bounce play, correction at this point is likely as this is a technical trade location.
Points to consider,
- Oversold bounce play
- Weekly S/R Pivot (Resistance)
- Local S/R Flip Retest
- Technical Bearish Divergence
- Evident Volume Climax
AUDUSD had an oversold bounce play from swing low, currently respecting Weekly S/R which allows us to have a bearish bias.
The immediate local S/R has been flipped; price retesting and holding this level will confirm an S/R Flip retest.
Price action has a technical bearish divergence; this indicates immediate weakness in the market however validation will be upon an impulse down.
The volume profile has an evident volume climax, this usually marks temporary tops in a trend. This further adds to the probability of an immediate correction.
Overall, in my opinion, AUDCAD is a valid short with defined risk above weekly S/R. Price action is to be used upon discretion/management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.