AUDCAD - Bullish CAD On The Horizon?Analysis:
Looking at price action we can see that price is in a downwards trend. We're seeing lower lows and lower highs being formed which confirms that we're in a downwards trend, so we're only looking for shorting opportunities. Price has made a deep pullback to the current lower high and we did put in a new lower low so this is looking like a great place to enter. At this level we also can see that it has been tested multiple times and we can see big rejections from this area showing that there is a lot of pressure at this level so it's more likely to hold and continue to the downside rather then it breaking and heading to the upside, especially when we add the fact that we're also in a downwards trend. We don't have any other added confluences for this trade, however the technicals are still valid for our strategy. Fundamentally the AUD is 3rd weakest major currency whereas the CAD is the 2nd weakest currency so this doesn't go in our favour but this isn't the full picture. Recently we saw a huge decrease in long positions on the CAD and the AUD, but we saw a small decrease in short positions on the AUD whereas we saw a huge decrease in short positions on the CAD. Basically meaning that more short positions were closed on the CAD then the AUD signifying that there might be an end coming to the bearishness for the CAD. With our speculation on oil prices rising which is heavily correlated to the CAD we can see some strong bullish momentum on the horizon for the CAD which is why fundamentally we prefer the CAD over the AUD. With all of the technicals and fundamentals combined together we get a bearish outlook on this pair.
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Stay Safe - JPI
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Cadstrong
AUDCADDaily Setup
AUDCAD Has Shown Willingness To Go Lower
In The WEEKLY Timeframe It Took Out The Buy Stops And Traded in The WEEKLY Bearish Orderblock (0.95183 - 0.94507)
DAILY -Timeframe Price Formed A Bearish Divergence (07 Mar - 05 April 2022)
The Bearish Divergence Shows Price Making Higher Highs Whilst Oscillator Is Making A Higher High - Lower Higher
That Kind Of Divergence Also Shows Price Has Taken Out Old Highs , In This Case PMH
/THE REST OF THE ANALYSIS SHOWS PREMIUM - DISCOUNT ARRAYS
In The 12 Hour Timeframe Price Has Formed A Trendline Phantom Which Will Be Taken Out In Order For Price To Trade To The Bearish Breaker Block
In The 8 Hour Timeframe Price Clearly Shows A Classic AMD Reversal
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GBP/CAD Daily Update (2/10/17)Price has difficulty breaking/closing above 1.67375 level and it is in resistance zone.
With such a nice rejection candle, I am seeing possible downside to the support at 1.63 zone.
Disclaimer :
This analysis not include personal feeling/opinion, and pure base on technical analysis
Trading foreign currencies can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.
please inform me with post a comment if it reach some critical point/break pattern, reach target/reach stop level.
or if there is any question about this analysis/need new update.
Because im not monitoring this chart all time