Bullish Divergence on AUDCAD 1h
Updated
There's a bullish Divergence of Price vs. Momentum on the 1h AUDCAD chart.
Price might go up to the resistance line at 0.90542
Price might go up to the resistance line at 0.90542
Note
Price almost hit the target (0.90542) a few hours ago:Sure - if we did set the target more conservative, we already would have made some nice pips, but I'm still optimistic that the target will be reached - and maybe price will rise even higher!
Looking at the daily chart (and comparing it to the 1h chart) it looks like a double bottom with the neckline at the area of our former target:
Right around the second bottom there was a strong bullish divergence - and price went up after that.
MACD doesn't indicate a reversal, so the price might break the neckline and will continue to rise.
Trade closed: target reached
The Profit target was hit on 9/11 - but it will be interesting to see, what is about to happen next ...
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