AUD/CAD Trade Opportunity
There should be an opportunity here for a buy or sell depending on what happens with the price action.
If price closes above the dark blue resistance line, I would expect price to go up to at least around the .97900 area. To take the safest trade, wait for a re-test of the resistance line (which would be support at a re-test).
If price closes below the upward trendline, I would expect price to continue down to at least the .97000 area. To take the safest trade, wait for a re-test of the trend line.
As always on my charts:
Red Lines - Monthly Support & Resistance
Orange Lines - Weekly Support & Resistance
Yellow Lines - Daily Support & Resistance
Dark Blue Lines - Support & Resistance Area I'm currently looking at (in this case 1 hr.)
If price closes above the dark blue resistance line, I would expect price to go up to at least around the .97900 area. To take the safest trade, wait for a re-test of the resistance line (which would be support at a re-test).
If price closes below the upward trendline, I would expect price to continue down to at least the .97000 area. To take the safest trade, wait for a re-test of the trend line.
As always on my charts:
Red Lines - Monthly Support & Resistance
Orange Lines - Weekly Support & Resistance
Yellow Lines - Daily Support & Resistance
Dark Blue Lines - Support & Resistance Area I'm currently looking at (in this case 1 hr.)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.