AUDCAD - Bearish Technical Evidence 5 (more to come)
Friday, the last trading day of the week. Today’s closing signifies the closing of the week and it is vital for further price structure analysis in order to facilitate our bias which as you already know is bearish. The closing of a candle is the most influential parameter of all the others 3 parameters (open, high & low). The other 3 parameters have a story to tell but the closing is the “king”.
It is a fact that last week price failed to close above the sellers’ bearish trend defense levels (see the chart) even though buyers had the support of the weekly and monthly DIRECT trends as well as the weekly MAIN trend in their favor. This FACT indicates a WEAKNESS of buyers.
Our bearish bias will be strengthen if weekly price closes below 0.8936.
It is a fact that last week price failed to close above the sellers’ bearish trend defense levels (see the chart) even though buyers had the support of the weekly and monthly DIRECT trends as well as the weekly MAIN trend in their favor. This FACT indicates a WEAKNESS of buyers.
Our bearish bias will be strengthen if weekly price closes below 0.8936.