robdee4x

AUDCAD - Weekly - Multi-Timeframe Analysis Series 1

FX:AUDCAD   Australian Dollar/Canadian Dollar
Introduction
I'm starting a new multi-timeframe analysis series and using TradingView to document it.

Objective
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so easy to do.

I also hope that anyone who chooses to read these series will gain some useful knowledge.

Please feel free to share your opinions with me in the comments, but please remember that my opinion may differ from yours. If I've learned anything, it's that 2 opinions or biases can co-exist and both play out to be successful.

I hope you enjoy

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Comments
The Weekly timeframe seems to be falling off the highs from around 0.97500, where both the Weekly and the Monthly 50 EMA's are located. Ideally I'd like to see a reversal setup on the Weekly, but considering we've already had a Monthly low test reversal candle at the bottom of the range, this could merely be a retracement of that A>B leg, printing a C reversal zone of interest at the 61.8% fib retracement level.

Looking further into the future, the 1.618% fib extension seems to line up perfectly with the upper boundary of the Monthly Range. Coincidence? Maybe not...

Let's have a closer look on the Daily timeframe to see if we can gather more information to confirm our bullish bias and overall thesis so far.

Key Note
Looking at A>B impulse legs will help identify the next move in terms of bias (known as the C>D leg).
Comment: *Stochastic RSI oversold on the Weekly timeframe.
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