AUDCAD has broken through a previous resistance zone and is now retesting the resistance zone (see my previous idea on AUDCAD). The pair is also following along a supportive trendline, indicating further upside potential. Bulls can look to go long on AUDCAD and place a stop loss a few pips below the supportive trendline.
However, a break of the supportive trendline could result in the pair heading downwards to the support zone at 0.92800, presenting an opportunity for bears to enjoy the short.
Traders should wait for price to give a valid entry and only open a position if their strategy is satisfied.
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below.
Best of luck traders!
However, a break of the supportive trendline could result in the pair heading downwards to the support zone at 0.92800, presenting an opportunity for bears to enjoy the short.
Traders should wait for price to give a valid entry and only open a position if their strategy is satisfied.
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below.
Best of luck traders!
