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AUDCAD : Selling Opportunity

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AUDCAD : Selling Opportunity

AUDCAD Technical Analysis 12.4.2017

AUDCAD has already pushed lower since it formed a top last week on November 30 2017. The pair is showing bearish patterns which has already sold off from. Red bearish pattern triggered sells at the red BC 0.50% Fib. retracement level where the pair reversed lower from that area. To add more bearish sentiment AUDCAD has also broken below a bearish channel/flag green pattern which is calling for more downside below the 0.9611 November 17 2017 low.As to how to get in the sell off now, we must wait for the BC 50% Fib. retracement of the possible blue bearish pattern to trigger. A pullback to the 0.50% level of the blue bearish pattern will find more sellers and push AUDCAD lower.

AUDCAD, Elliottwave, Elliott Wave, Forex, Bearish, Pattern, technical analysis

If looking to sell AUDCAD traders should be patient and wait for price to terminate blue point C first between the area of the AB 1.618% 2.24% Fib. retracement levels and then make a move higher towards the blue BC 0.50% Fib. retracement level where the SELL triggers. Waiting for price to hit the blue BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bearish pattern is invalidated if price moves above point B level of the pattern.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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