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AUSTRALIAN DOLLAR / CAX

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AUDCAX trade ideas

Lingrid | AUDCAD in the CONSOLIDATION zoneThe price perfectly fulfills my last idea. It took off and hit the TP. The daily timeframe is showing a bullish trend, with the market consistently updating higher highs and higher lows. FX:AUDCAD has been consolidating within a narrow range of 0.91000 to 0.90500. It recently broke and closed above the significant level of 0.9000. Given this momentum, I anticipate the market will continue to consolidate within this range, with the potential for a bounce off support and an upward move towards liquidity area above the equal highs. Considering the overall bullish trend, it's likely that the price will rebound from the support level and downward trendline. My target is the resistance at 0.90960 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Long
by Lingrid
1
AUDCAD: Watching for Fibonacci Support After Resistance Rejectio The AUDCAD has bounced back down from a key weekly resistance level. This analysis explores the possibility of a pullback towards a Fibonacci retracement level before a potential upward correction. Technical Analysis: Resistance Rejection: The price encountered selling pressure at a critical resistance zone on the weekly chart. This suggests potential weakness in the upside momentum. Fibonacci Retracement: Based on your chart (which I can't see directly), you identified the Fibonacci golden level (around 61.8%) as a potential support zone. Trading Considerations: Confirmation Needed: This is not a confirmed trade setup yet. We need to see how price reacts at the potential support level. A bullish reversal pattern or a daily candle closing above the support zone could indicate a potential uptrend resumption. Risk Management: If a long trade becomes attractive later, prioritize proper risk management. Define entry, stop-loss, and take-profit levels based on your strategy and risk tolerance. Remember: Do your own research before entering any trade. This analysis provides insights, not guarantees. Additional Notes: I can't access the chart you mentioned, but I can still craft a general analysis based on your description. If you can describe the specific Fibonacci retracement level you identified (as a percentage or price value), I can incorporate that detail into the analysis. By combining your insights with technical analysis and risk management, you can make informed trading decisions in the AUDCAD market.
by OMGiTzREALHASSAN
AUDCAD Bullish Study CaseDisclaimer, these ideas are for my records of what I see in the market after taking a trade. It will help me document the reason of why I took the trade so I can have a track record. And as such, this is not a financial advice. Currently we are in a monthly pullback due to the break of market structure to the downside in a quasimodo type pattern. After refining the entry a little bit in both daily and 4 hour timeframes, see below charts, I refined my entry point of interest to the zone highlighted in white, which is a supply zone.
Long
by jask_skull
AUDCAD high probability setupBefore price's previous break, it was in a consolidation where it eventually swept liquidity below support. It preceded to push to the upside with massive momentum where it eventually consolidated again, forming liquidity above an external range double top(or head and shoulders) and below an internal range support. Since price is currently in a bullish trend, it could look to clear out this internal range liquidity first before clearing the external range liquidity and breaking further to the upside. This gives as an opportunity of a trend following entry, which is an identified golden zone below the identified internal range liquidity with a tp target of the latest high.
Long
by BlackTygaTrades