AUDCAD - Purple War Zone!

20 בפבר׳ 2022

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AUDCAD is overall bearish trading inside the brown trendlines.

Moreover, the green zone is a strong supply zone as we previously had an aggressive movement downward from it.

So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green supply and upper brown trendline. (acting as non-horizontal resistance)

As per my trading style:
As AUDCAD approaches the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich