Market Structure on AUDCAD
Price hit the 1.0 mark in February this year. It was very important because it meant that 1 Australian Dollar almost became equal to 1 Canadian Dollar. This is a clear Interbank Price Level. The last time, price came to this level was in March 2018 (three years ago). As we all know, Institutions like to plan most of their traps around very key round-number levels like this one.
The Demand Zones and the Supply Zones are labelled on the Chart, with the Daily Supply zone at 0.9950 area and the Daily Demand zone at the bottom of the Chart.
We are expecting creation of Fakeout Patterns. The Fail-to-Return (FTR) is at the 0.9870 area. The price is very likely to come back to the 0.99 - 1.00 Area because there are still unfinished business/unfilled orders in this area with Selling Opportunities. If you have any opinions or contributions on this, feel free to comment and add your own analysis..
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