AUDCAD is a resistance zone now, and is also following along a supportive trendline. A short term trade could be shorting the pair once a break of the supportive trendline occurs. The target would be the supply zone at 0.92850, with a stop loss a few pips above the resistance zone.
However, traders should be aware that AUDCAD is forming a bullish rectangle (a continuation pattern) and has been bullish since mid-April 2020. Therefore, price could easily break the resistance zone and continue upwards. Should this occur, a conservative approach would be waiting for a retest of the resistance zone to go long. A more aggressive approach: bulls can place a buy stop a few pips above the resistance zone.
Be sure to wait for the market to move and give you a valid entry. Do not trade blindly based on predictions.
Look at this trade on a 4H timeframe for a better entry point.
Please follow me for more ideas and analyses.
Best of luck traders!
However, traders should be aware that AUDCAD is forming a bullish rectangle (a continuation pattern) and has been bullish since mid-April 2020. Therefore, price could easily break the resistance zone and continue upwards. Should this occur, a conservative approach would be waiting for a retest of the resistance zone to go long. A more aggressive approach: bulls can place a buy stop a few pips above the resistance zone.
Be sure to wait for the market to move and give you a valid entry. Do not trade blindly based on predictions.
Look at this trade on a 4H timeframe for a better entry point.
Please follow me for more ideas and analyses.
Best of luck traders!