DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
I have tried trading the AUD/CAD pair before but I felt that it was too volatile. So lets take a look at this pair. Since this is my first time checking it out I'm gonna do a full depth analysis. So lets start...
Weekly:
The begging of 2016 this pair hit it pretty low and has been making higher lows, thus forming the ascending trendlines I have drawn. But the price has not made higher highs. Thus forming an ascending wedge. Resistance area around 0.77558 which was broken last month.
Daily:
Daily is just an even more detailed confirmation of what we saw at the weekly level. But now we see a resistance-turned-support area at 0.78215 where the price stopped in July after its big spike and where it stopped after the long retracement.
4hr:
Alright so here is where we can find the entries and maybe some day trading. I see a resistance area around 0.79658 where the price has rejected various times. The price made a higher low this past week thus making that ascending trendline. But there is also a series of lower highs forming a descending trendline where we see a break out from this past friday.
So here is the deal, I feel that because there is a bullish sentiment on this pair, it will probably stall at the 0.79658 resistance area, maybe come down and touch the ascending trendline and bounce off.
I have tried trading the AUD/CAD pair before but I felt that it was too volatile. So lets take a look at this pair. Since this is my first time checking it out I'm gonna do a full depth analysis. So lets start...
Weekly:
Daily:
4hr:
So here is the deal, I feel that because there is a bullish sentiment on this pair, it will probably stall at the 0.79658 resistance area, maybe come down and touch the ascending trendline and bounce off.