AudCad has been in a downtrend, on the higher time frames we are en route to retest the lows. On the 60 we have genuine room to go lower to these lows with only inside support being in the way. Strong impulse initially aswell.
Two possible roots to 0.94
Either get a retest of previous structure
or we will just consolidate in and around a previous consolidation zone and then move higher.
either way i'll be looking to trade the break of the consolidation zone
AUDCAD has approached this weekly resistance level and shown rejection multiple times, looking like a simple and clear trade. Over 1:3 risk to reward ratio. Drop your telegram names in the comments to be added to our free channel.
Hi Traders, here is my analysis for AUDCAD sells. Every night at 10pm (UK Time) I check the daily closes before analysing true direction. Price action to me screams a sell off to my strategy... Here is my analysis on a lower timeframe, and my risk to reward ratio on it.
For those wondering I use the Fibo to strategically move my SL to protect my account. My SL's for each position never exceed 3%. Once a trade travels 35% of the distance to the TP i move my SL to BE. Henceforth making it RISK FREE :) .
Trading week ended in undecided whether the bears should continue dragging the currency pair down or bulls should start taking the pair upward. Next week will be an interesting runs for AUDCAD.
A risk/reward of 1:3 could be in play. However, in other to achieve this, resistance at 0.90295 and 0.91000 needs to be violated by the bulls to push the pair to profit...