I’m looking to sell AUDCAD at 0.9045, targeting a move lower based on key technical confluences.
Key Reasons for Entry:
Resistance Zone: The price is testing a key resistance level around 0.9045, which has previously acted as a rejection point.
Moving Averages: Price is near the [insert MA: 50/100/200 EMA/SMA], aligning with strong resistance.
Trend Structure: AUDCAD is in a bearish structure on the [H4/Daily] timeframe, forming lower highs.
Fibonacci Confluence: 0.9045 aligns with the [38.2% / 50% / 61.8%] retracement level from the last swing.
Trade Plan:
Sell Limit: 0.9045
Stop Loss: [Your SL level]
Take Profit: [Your TP level]
Risk-Reward Ratio: [Your RR, e.g., 1:2]
If the price confirms rejection at this level, I expect further downside towards the [support level, e.g., 0.8950].
Let me know your thoughts!
Feel free to adjust SL/TP levels based on your strategy. Would you like me to add any additional details?