The Australian Dollar looks to be continuing to weaken against the US Dollar, with a couple of significant levels now in play.
The downwards trend line has been in place since the beginning of 2018 and has seen it accepted with price reversals multiple times.
The dotted line indicates an area of minor support, which the price has been interacting with recently...
Having just broken out of a fairly strong downwards trend line, I believe there is a new upwards trend forming on this pair that will see price rise. I have entered this long trade after seeing confirmation of a rejection of the trend line from the other side on the 1H timeframe, and have identified the following for a shorter-term long trade:
ENTRY PRICE: 128.5...
Price has recently broken out of a resistance zone at the 0.712 level that had been tested multiple times. Since breaking out, price has come back to re-test the zone from the other side and is now beginning to accept that level and push upwards. There is also an upwards trend line in place that has been tested and bounced off of 3 times which has acted as...
Previously drawn potential trend line has now been touched for a third time, however has also been interacting with support/resistance zone fairly often. Price looks to have bounced off of the trend line at the moment and beginning to head upwards. If price does continue to move upwards, I have identified two potential outcomes to bear in mind for take profit...
Currently there is a wedge forming on the daily chart of AUDCAD, with price interacting a fair amount recently at a support zone and accepting it. Also identified a longer time triangle that is now coming into play as a result of the upwards trend line, and acts as a double confirmation point on the daily chart. Aiming to see a push up towards the 0.985 mark...
