This pair is struggling against the Strong Resistance at the 0.9700 area. We have an Harmonic Pattern that formed on the H4 Chart as well, a Bullish Butterfly. The Trading Environment is a Trending Market and Price is now in a Retracement move.
Pivot Analysis
Trading Pattern for Friday 18th September: Trade Ranging Day
Current Value Area: VAH: 0.9632, VAL: 0.9619
Daily Trend POC: 0.9624, Daily Pivot POC: 0.9624
Price is Inside Value Area and Price is below Pivot Area.
Trend Analysis: Bearish
Chart Pattern formed: Rising Wedge on H1 Chart. Rising Wedge on H4 Chart.
Moving Average:
Price is between 100 SMA and 200 SMA (H1 Chart)
Price is above 100 SMA and 200 SMA (H4 Chart)
AUD/CAD is still Bullish on the Weekly Chart and the Monthly Chart. There are Two Buy areas in the Chart (The Red Circles) with Strong Confluence of Support. We should wait to buy when price reach the Buy Areas.
As Usual, Use Good Risk Management and Stop Loss to reduce risk. Cheers and Happy Weekend!!
Pivot Analysis
Trading Pattern for Friday 18th September: Trade Ranging Day
Current Value Area: VAH: 0.9632, VAL: 0.9619
Daily Trend POC: 0.9624, Daily Pivot POC: 0.9624
Price is Inside Value Area and Price is below Pivot Area.
Trend Analysis: Bearish
Chart Pattern formed: Rising Wedge on H1 Chart. Rising Wedge on H4 Chart.
Moving Average:
Price is between 100 SMA and 200 SMA (H1 Chart)
Price is above 100 SMA and 200 SMA (H4 Chart)
AUD/CAD is still Bullish on the Weekly Chart and the Monthly Chart. There are Two Buy areas in the Chart (The Red Circles) with Strong Confluence of Support. We should wait to buy when price reach the Buy Areas.
As Usual, Use Good Risk Management and Stop Loss to reduce risk. Cheers and Happy Weekend!!