AUD/CAD:
Date: 9 May, 2017
H4 Graph: Medium term short Trend, Short term short move
After the price made a high at around 1.0333 and reached previous high without break up above, the price started to move down. As it was going down it broke two supports. When it broke the support at 1.01330 activated formation H&S. Now the price is going up for small correction to test the break. Price is below both 50 and 200 EMA's.
Price Action: Formation H&S - Activated - Signal for short
DEM: Close to the overbought zone
Alternative scenario: If the price continue to go up and breaks above 1.0133, this will cancel the bearish setup.
Price for Entry short around: 1.0100
SL: 1.01500
Trader Senan Fuchedzhiev
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