AUDCAD Long - Multiple Time Frame AnalysisMonthly Time Frame
Price made a bearish push until it closed as a doji candlestick found support at the weekly demand zone then made a bullish push
After the bullish push price met resistance at a weekly supply zone ultimately forming a high. Price then began to sell off (retrace).
Weekly Time Frame
Price met resistance, formed a double top, and closed as a doji followed by a bearish engulfing signaling a selloff.
During the sell-off (retracement) price found support at the 61.8 fib level and closed as doji candle stick signaling a potential reversal.
4Hour Time Frame
I am anticipating price forming a double bottom as a candlestick reversal pattern.
I am expecting a bullish push to 0.895
Longaudcad
LONG AUDCAD BUYAUDCAD is sitting around a strong support zone in top down from weekly TF, we will be looking for buy setups.
We can take risk entry after succesful rejection from support, or you can look to take second entry at 15M flag formation after rejection.
A third entry can be taken after break and retest or formation of continuation patterns.
AUDCAD 17062019Ready to go up for Wave 5 ?
Share your thoughts and observation in comments session :)
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Risk warning!
Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit.
Supplied information is not advice.
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AUD/CAD 4H Bullish structure for long trade Bullish Structure
we can get a long trade (Buy)
when the price arrive to entry
level : 0.93250 - 0.93170 with
TP1: 0.93700
TP2: 0.94000
TP3: 0.94400
Stop lose : 0.92900
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history of price action
Behavior , that may not be a necessarily reason for the success of
the structure or repetition. So please make your decision based on your vision .
To protect capital and manage your deals and trading successfully
the maximum loss in each transaction for the same currency or
commodity in the same direction should not exceed ( 2% ) of the capital .
Good luck >>