Audcadlong
AUDCAD 06th June - 11th June 2021Price movement forecast for the upcoming week in AUDCAD ( SKS formation most-likely). Currently, the AUDCAD is in a very neutral to bullish position close to a distribution phase (Wyckoff Method), mostly likely trying to build a second shoulder for a SKS formation (Weekly). Please, feel free to share your opinion with me.
new year low or a bounce?look onto either daily or weekly, you can see a possible double bottom formation, not perfect but on daily chart the big strong bullish candle does convince me there's going to be a bounce coming up in this new week. My setup is a bit conservative much lower than Friday's close, will keep watching if order not filled. (order not entered yet... may change my mind to price it higher for entry depending on the market opening). 1:4.58 but can be even higher given the fact it will attract lots of buying once it breaks through the upper trend line.
AUDCAD -- can you reverse, please?Having reached a key level, AC is expected to accumulate long positions for another run towards a Higher High. After a long accumulation we finally see a rally after the Spring. All we need now is multiple levels to be broken to the upside. I have indicated the most probable reversal zone. Worth keeping on your watch list especially for swing traders. GL
💡Don't miss the great buy opportunity in AUDCADTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (0.9355).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. AUDCAD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 65.
Take Profits:
TP1= @ 0.9410
TP2= @ 0.9450
TP3= @ 0.9500
TP4= @ 0.9555
TP5= @ 0.9615
SL= Break below S2
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💡Don't miss the great buy opportunity in AUDCADTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (0.9355).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. AUDCAD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 65.
Take Profits:
TP1= @ 0.9410
TP2= @ 0.9450
TP3= @ 0.9500
TP4= @ 0.9555
TP5= @ 0.9615
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex / Crypto trader?
Now, It's your turn!
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
AUD/CAD New Long Setup After Retest Our Broken Down ChannelThis is an educational + analytic content that will teach why and how to enter a trade
Make sure you watch the price action closely in each analysis as this is a very important part of our method
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions