Hi Traders! We have AUDCAD bearish idea based on SPT. A detailed analysis of this sell setup is as follows:
AUDCAD H4 Chart:
On the H4 chart we have a potential hidden bearish divergence that is forming at the moment, which we may consider as an evidence of bearish pressure.
AUDCAD H1 Chart:
In addition to these we also have a potential bearish divergence that is forming on the H1 chart which we may consider as another evidence of bearish pressure.
AUDCAD SPT Scanner:
On the SPT Scanner we can see that W1 and D1 timeframes are bearish, this means basically the indicator spotted that the most recent swing point on these time frames was a swing high, and since then the momentum is bearish. As these two timeframes are bearish we may look for possible sell setups with bearish evidences while these conditions holds.
AUDCAD H1 Chart (SPT):
On the H1 chart we have a bearish cloud and the trend scan is red as well. Everything looks good here for the bears and while the price is below the cloud and the trend scan is red, we remain bearish in our view. Until these conditions holds, we may now look for possible sell setups with bearish evidences in order to join the bears.
Feel free to join our amazing community and get access to the SPT software here
You can also join me in my live trading rooms, on daily basis, and improve your trading with us.
Yours to your success