AUDCAD Past Support To Become Future Resistance Short Setup
Hi All...
AUDCAD on the Monthly/Weekly broke down from a key level support making a lower low lower then the previous low,
Now the market has retraced to the past support level that has a high chance to become future resistance,
A good way to see if it will hold as resistance is to wait for the 4 hour chart to break the counter trend line and take out the most recent low that should give us a powerful indication that the market is most likely heading back down
AUDCAD on the Monthly/Weekly broke down from a key level support making a lower low lower then the previous low,
Now the market has retraced to the past support level that has a high chance to become future resistance,
A good way to see if it will hold as resistance is to wait for the 4 hour chart to break the counter trend line and take out the most recent low that should give us a powerful indication that the market is most likely heading back down