Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

AUDCAD Analysis & Trading Plan - 1 August 2024 #trading #forex #forexsignals #shorts #fyp

1 Aug 2024 · 1 min

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Vladimir Ribakov analyzes AUD/CAD and spots a bearish divergence on the daily chart where price makes higher highs but MACD makes lower highs. The 4-hour chart breaks a rising support line, forming lower highs and lows. A short-term bullish divergence suggests pullbacks could hit Fibonacci levels before the pair resumes falling.

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Is Aussie CAD a buy, a sell, maybe both? Let's take a look on the charts. After the daily chart completed a bearish divergence on the MACD— higher highs on the chart versus lower highs on the moving average of the MACD— the 4-hour chart breaks the recent rising supportive line, trend line, and by doing so, it also completes sequence of lower highs, lower lows to get a bearish momentum and create a clean bearish price structure. At the moment, the pair has a bullish divergence, which means on the short term, pullbacks are likely up to the Fibonacci levels, for example. But as long as these Fibonacci levels hold, from there I would expect to see further bearish continuation. Share your thoughts in the comments.