AUDCAD pair is making correction after a rally above 0.90200. The corrective wave is taking the shape of a rising wedge on H4 which potentially is bearish. Waiting for a pullback to 0.90039 for a short trade
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.8987). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. 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.
....
I Will be looking to short from the
0.91000 level or the 3rd trend line touch following
bearish confirmations/signals.
CONVERSELY
If price breaks and retest the TL @ 0.91000 I will go long following a valid retest and bullish confirmation.
NO TRADE SHOULD BE TAKEN UNLESS ONE OF THE SCENARIOS ARE MET .... (DISCIPLINE) !!!!!!!
Audcad Short opportunity here, we can see price reacted to a resistance zone with a beautiful bearish candlestick as well as the prominence of other factors of price action confluence indicators.
The Australian Dollar vs. the Canadian Dollar. Both of these currencies are regarded as commodity currencies and are considered to be a relatively stable currency pair. The CAD fortunes are closely related to the U.S. because it is their largest trading partner and neighbor. The AUD is more effected by its alignment with Australia and emerging Asian markets.
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