Rising channel breakthrough, exhaustion back to the top of channel and resistance maybe a manipulation spike before entering and then looking for the correct candle stick confirmation before entering a long position.
I believe price will be making a move downwards but awaiting confirmation. Price recently broke below the long-term trend line and now has a nice pullback up to the same trend line. My fibonacci levels are based on the downwards impulse move that broke the trend line.
My two predictions are as follows:
1) Price will move below the 38.2 Fib level and break the...
AUDCAD (D) – medium term bearish bias
Friday’s price action failed to rally above the September high of 0.9140, the long wick suggests a strong rejection from that supply area. The pair is likely to pull back towards the rising trend line which forms the lower end of the pennant from the September sell-off. A break below the line would invalid the psychological...
Hey Traders, hope you are all well and enjoying your weekend,
I have some analysis on AUDCAD I want to share with you so lets get straight down to business.
As always we always do multi-timeframe analysis.
As we can see on the monthly chart price as made a push to the downside to break previous support, as we all know...
AUDCAD showing potential double top forming on the hourly chart, finding resistance at 38.2% fib level. Furthermore also forming within a pennant with an overall upwards trend since the start of 02/10/19. We can also find divergence between both the price and momentum at this resistance level. I would be looking at a profit target of 0.90058 and a stop loss at...
AUDCAD (D) - short term bullish bias
The Australian dollar is on a correction course in its long-term bearish trend against its Canadian counter-part. The pair has been rising along a trend line where multiple tests have found strong buying interest. We expect the price to narrow its consolidation for a few more days and make another attempt to the previous high...
Price is approaching a to descending trend line which has been respected for a while now and I expecting the same again but I would wait for a bearish engulfing candle once it touch the trendline before going short on this. I have marked the tp and sl for you as well.
Remember, the trade is only valid once it touch the trendline and create a bearish...
Break of market structure expecting buyers to now come into the market. good risk to reward aswell.
In correlation AUDCHF is also in a bullish uptrend so we are expecting more bullishness/ strength from the AUD.
Price is reacting well so far on the 61.8 fib with a morning star formation on the 1 hr.
. There is a possibility of temporary retracement to suggested support line (0.9020). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.