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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

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