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) !!!!!!!
On the break of the temporary up-trend line, we'd sell on the retracing the price to the trendline. First target is around 0.8985.
One risk might be the round number level sitting on the way.
AUD/CAD Currently showing multiple resistance touches at the 38.2% fib level. Furthermore alongside this we can also see an ascending triangle forming, whereby buyers are trying to push market price higher and higher however failing to break resistance but increasing the height of the support along the bottom trend line. We currently see a potential Doji forming...
Monthly and Weekly:
The monthly fib retracement shows a long term first target of 0.88000 (27%). However, the week before this close, the candlestick end was a doji, which could possibly signal a reversal towards the bullish side. This week however, ended below the weekly resistance of 0.90500. We also have to be careful as the market has not been this low since...
-Triangle broke above, waiting for retest
-RSI indicator
-D1 previous price reversal zone and near support level
-ATR (at 1) is 73pips but today's bullish candle was 80pips
Very strong downtrend on D1 timeframe. Price has just retraced to the 0.382 retracement level, with some bearish price action on lower timeframes. Would be a slightly late entry but still room for sufficient profit. Waiting for bearish confirmation on H1 timeframe.
SL - 0.90350
open take profit - pay attention to price action for appropriate exit. 0.88240 would...
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...
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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