I'm looking at the Australian Dollar Cross Canadian Dollar pair this week.
Looking back at this pair. I can see it has been very bearish over the span of 247 days, give or take. 27 Jan - 27 Sep.
This massive 970+ pip range was unable to break the previous swing low resulting in a change of market structure. This shift in bullish momentum tells me those prior lows are protected. This is indicated by a new HH. We had inducement in the leg which led to the demand still showing strong potential as a valid POI as seen in the chart.
From here I'm looking to stack my positions at 0.88610. Structure is clearly bullish. price swept the low from the last HL. Showing its intentions of wanting to trade higher.
Price is also pro trend on the 4H and Daily.
AUD/CAD is maintaining above 0.8600, a good support level from the end of 2022. However, this does not necessarily indicate that the downtrend is reversing. it may, but the cross would first need to break above the 89-day moving average, which coincides with the upper margin of a declining channel since mid-2023.
Hope this is useful.
Looking back at this pair. I can see it has been very bearish over the span of 247 days, give or take. 27 Jan - 27 Sep.
This massive 970+ pip range was unable to break the previous swing low resulting in a change of market structure. This shift in bullish momentum tells me those prior lows are protected. This is indicated by a new HH. We had inducement in the leg which led to the demand still showing strong potential as a valid POI as seen in the chart.
From here I'm looking to stack my positions at 0.88610. Structure is clearly bullish. price swept the low from the last HL. Showing its intentions of wanting to trade higher.
Price is also pro trend on the 4H and Daily.
AUD/CAD is maintaining above 0.8600, a good support level from the end of 2022. However, this does not necessarily indicate that the downtrend is reversing. it may, but the cross would first need to break above the 89-day moving average, which coincides with the upper margin of a declining channel since mid-2023.
Hope this is useful.
Trade active:
Trade is Active
Comment:
Trade closed: stop reached
Trade active:
Session Position is still active but re entry has been Stopped out.
Comment:
Running +175 pips