week17 AUDCAD CTT wr3B @ tx BB

w1

very nice big picture setup on this timeframe.
a confluence of w1 level= w1 downflow fib7 @ 1.0369

there is also a tx BB at this area and for larger TX and from past observation it is highly accurate.Only that the exact timing of when price will turn from BB is not known.

It also happen to be at the top of a nicely formed ED channel, so likely it is just a matter of time before price can reverse.

week17 AUDCAD w1 big picture multiple resistance confluence 220414

h4

On h4 there seems to be already a flush of 3 weeks high.
However, this does not seem to be the best of flush.
1) Price has not tested the penultimate confluence @ 1.0370
2) no bearish expansion seen yet in all of 4 weeks.
Even though there is a wr3b setup, this is still a counter trend trade. In fact, trying to short this is going against a recent 15 weeks bull run for AUD!

week17 AUDCAD wr3b CTT with 1234 220414
That being said there is a small 1234 in pending. I am using this price pattern to trade short for a smaller position but my respected resistance will be @ 1.0370.

I will be willing to risk bigger positions if
1) price nearer to 1.0370, easier for me to cut
2) price bearish expansion below this wr3b, things are clearer.

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