Possible short trade in the next few days. First target: 0.96500 Second target: 0.95500 We might see a pullback from the first profit target to the resistance level of 0.97700. Goodluck trading and follow me for more analysis!
AUDCAD Hits the monthly support line. wait for the confirmation before going long. but it can go either way if it bounces back it will go up or it may break that support line as well and go to the downside.
H4: D1: My plan:
price may do a retest and bounce off demand zone for a upward push.
i am looking for a breakout from the red line down and i will look to enter then. please like, follow and comment :)
Currently there is a wedge forming on the daily chart of AUDCAD, with price interacting a fair amount recently at a support zone and accepting it. Also identified a longer time triangle that is now coming into play as a result of the upwards trend line, and acts as a double confirmation point on the daily chart. Aiming to see a push up towards the 0.985 mark...
Sorry this is one I forgot to add in this morning, I've already entered on AUDCAD but there is an opportunity arising to jump in soon. 30M has completed a Bullish Golden Crossover (EMA50 Above EMA200) and we are seeing the 1H chart is now preparing to cross over. Price broke out of the short term bearish downtrend above the trend line and heading towards first...
I entered short here, as I think the market has formed a double top it's an aggressive entry for some as many would wait for a break of the neck (base) line, but looking left I can see that the market has respected this level many times in past price actions. We also have a strong RSI divergence. ALso if the market wat to drop to the 0.96961 we'd have a BAT...
AUD came out strong with Building Approvals m/m and Trade Balance. CAD is not releasing some game changing numbers today, so a little chance to make a bit more profit for the weak on this pair. Keep an eye on the round numbers. Also be ready to scale or go completely out at 1.00520.
Down till the 0.9622 level which can hold as support for a potential reversal or keep heading down to 0.938.
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