Audcadforecast
AUD/CAD Multi-Timeframe analysis (08/03/2021)Hi Traders
AUD/CAD Multi-Timeframe analysis (08/03/2021)
H1 Chart (Strong Down)
The market is approaching the resistance at 0.97252 . We are waiting to see reversal signals in order to reinstate SHORT positions. Next important resistance is the 0.98225 level.
Support & Resistance
0.97016 0.97252
0.96877 0.98225
0.96641 0.98733
H4 Chart (Bearish)
Target 1 at 0.97224 has been reached. We closed 50% of our position and have moved the stop loss at the lock-in-profits level at 0.98522 . Provided the market conditions will remain the same Target 2 will be reached soon.
Support & Resistance
0.98208 0.98711
0.97874 0.98975
0.97224 0.99371
Daily Chart (Neutral)
Conflicting technical signals are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop.
Support & Resistance
0.97057 0.97130
0.96164 0.98993
0.95483 0.99921
Weekly Chart (Strong Up)
Waiting for a retracement lower towards the 0.96954 support level, in order to reinstate LONG positions. Next important support is the 0.92464 level.
Support & Resistance
0.96954 0.99921
0.92464 1.04093
0.91493 1.11412
AUD/CAD Possible Bullish BreakoutHi Traders
AUD/CAD (H3 Timeframe)
A medium to high probability, entry to LONG is forming @ 0.98975 after the market found support @ 0.98225. Only the downward break of 0.98225 would cancel this bullish scenario.
Trade details:
Entry: 0.98975
Stop loss: 0.98225
Take profit 1: 0.99418
Take profit 2: 1.00168
Take profit 3: 1.01390
Score: 7
Strategy: Bullish Breakout
AUD/CAD Long From SupportThis has retraced to the point I marked out in my previous post for this pair. This was a very strong downward move so I want to let it settle before opening a long. Also MACD has dropped below 0 and EMA's have crossed lower so I want to see these turn back higher before longing.
I have set TP at 1.00482, I expect a lot of resistance there and above
AUD/CAD Retrace To SupportThis is just short of the TP I set on this pair in my previous post but personally I have closed the trade, I think this is going to retrace soon as it is now overbought on 4HR and daily timeframes. It may still hit that TP but I prefer to secure the profit as a lot of AUD pairs are looking overbought.
So now I will monitor this pair for a retrace to the support area highlighted. If there is a rebound from there a long can be taken to either the previous TP at 1.0000 or a new high of 1.00482. There is a lot of resistance in the red area marked above so I am setting the TP reasonably low as this could have a fairly big rejection considering how sharp the rise has been
AUD/CAD Continues it's bullish momentumHi Traders
AUD/CAD Signal (Daily Timeframe)
A medium to high probability, entry to go LONG is forming @ 0.98993 after the market found support @ 0.97130.Only the downward break of 0.97130 would cancel this bullish scenario.
Trade details:
Entry: 0.98993
Stop loss: 0.97130
Take profit 1: 1.00092
Take profit 2: 1.01955
Take profit 3: 1.04992
Score: 9
Strategy: Bullish Breakout
AUDCAD - Buy Entry - D1 Daily ChartAUDCAD - Buy Entry - D1 Daily Chart
Buy @ Current Market Price or on a pull back into the Buy Zone
Stop Loss @ 0.5% to 1% of your Account Balance
Take Profit @ I will update when to close - Follow me to receive updates ✅
Please support the idea with a Like 👍
Follow me to receive updates of this analysis, plus new ideas ✅
Thank you for your support 😊
Wishing you successful trading 🙏
------------------------------------------------------------------------------------
🔺 Disclaimer! The content of this analysis is subject to change at any time without notice.
🔺 It is provided for the sole purpose of assisting traders to make independent investment decisions.
🔺 You must do your own research to create your own trading plan for the market.
------------------------------------------------------------------------------------