AUDCAD: Would Aussie_Loonie experience more bearish days?
Hello traders,
This is the Daily chart!
Regarding the daily chart, the bullish move that began in late September appears to be a correction rather than a sustained trend.
Introduction:
This analysis delves into the AUD/CAD outlook, focusing on supply and demand dynamics across various timeframes. Keep an eye on potential market reactions to the China Manufacturing Purchasing Managers Index (PMI) release, as it could influence the Aussie.
Technical Analysis:
Bullish Move as a Correction:
The recent bullish move from late September is seen as a correction on the daily chart.
Trade Setup:
Breaking Below 0.88965:
Activation of the red path and a potential long-term bearish move is anticipated if the price breaks below 0.88965.
Breaking Over 0.91000:
A break above 0.91000 could open an opportunity for a long position, with 0.90550 as a potential suitable entry point.
Fundamental Consideration:
Keep an eye on the China Manufacturing Purchasing Managers Index (PMI) release, as it may have a slight impact on the Aussie. Adjust positions accordingly.
Risk Management:
Adjust position sizes based on risk tolerance and maintain a favorable risk-reward ratio.
Be mindful of potential market volatility surrounding fundamental events.
This is the Daily chart!
Regarding the daily chart, the bullish move that began in late September appears to be a correction rather than a sustained trend.
Introduction:
This analysis delves into the AUD/CAD outlook, focusing on supply and demand dynamics across various timeframes. Keep an eye on potential market reactions to the China Manufacturing Purchasing Managers Index (PMI) release, as it could influence the Aussie.
Technical Analysis:
Bullish Move as a Correction:
The recent bullish move from late September is seen as a correction on the daily chart.
Trade Setup:
Breaking Below 0.88965:
Activation of the red path and a potential long-term bearish move is anticipated if the price breaks below 0.88965.
Breaking Over 0.91000:
A break above 0.91000 could open an opportunity for a long position, with 0.90550 as a potential suitable entry point.
Fundamental Consideration:
Keep an eye on the China Manufacturing Purchasing Managers Index (PMI) release, as it may have a slight impact on the Aussie. Adjust positions accordingly.
Risk Management:
Adjust position sizes based on risk tolerance and maintain a favorable risk-reward ratio.
Be mindful of potential market volatility surrounding fundamental events.
