". There is a possibility of temporary retracement to the suggested support line (0.9310).
. 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 an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
- Price respecting dynamic resistance
- Clear rejection of 61.8 fibonacci level, indicating transfer of momentum to sell side
- Clear bearish market structure with lower highs and lower lows, anticipating next impulsive move to the downside
- 1:6 risk to reward ratio for this trade, 2% risk as always
This has retraced to the point I marked out in my previous post for this pair. This was a very strong downward move so I want to let it settle before opening a long. Also MACD has dropped below 0 and EMA's have crossed lower so I want to see these turn back higher before longing.
I have set TP at 1.00482, I expect a lot of resistance there and above
This is just short of the TP I set on this pair in my previous post but personally I have closed the trade, I think this is going to retrace soon as it is now overbought on 4HR and daily timeframes. It may still hit that TP but I prefer to secure the profit as a lot of AUD pairs are looking overbought.
So now I will monitor this pair for a retrace to the support...
Been monitoring this for a few days as it has been close to resistance. It has now risen to this resistance perfectly and if it breaks above we can enter longs. It may hold up just beneath this at first but you should keep an eye on this for a breakthrough.
There is not a very clear resistance level for a TP but we can use the price of 1.00000 as this may be a...