Aud-cad
AUDCAD BUYING OPPORTUNITY AS THE PAIR ENDS THE WEEK UNDECIDEDTrading week ended in undecided whether the bears should continue dragging the currency pair down or bulls should start taking the pair upward. Next week will be an interesting runs for AUDCAD.
A risk/reward of 1:3 could be in play. However, in other to achieve this, resistance at 0.90295 and 0.91000 needs to be violated by the bulls to push the pair to profit target at 0.91880.
AUD/CAD BULL TAKE OVER? SWING/POSITION OPPORTUNITY Price Action (Technical Analysis): For a a little over 1 week & 1/2 we have been allowing price to accumulate at a highly respected key level of support (Monthly).
Weekly bullish hammer was formed at support which indicates us high buyer sensitivity, we are expecting a continuation of buyer waves to enter.. We had price break it's consolidating market with a bullish impulse breaking above & we saw price gradually pull itself back to test structure setting us up to just await an entry confirmation (price action reversal pattern). Exiting reasons would ideally be at our high respected descending trend line. Further analysis will be made as price follows itself to our rally point.
Fundamental Analysis: None.
AUDCAD Long ideaThe sentiment is bullish due to the fact that the price has just broken out of a descending channel awaiting a likely retest.
The channel is within a descending triangle pattern, one of which might be a continuation or reversal pattern, telling us to either hold our positions when the target is reached or go short.
Good luck!