AUD/CAD has been bullish on the daily and weekly chart since last month. However, the pair is now moving to the strong resistance level of 0.9150 in H1, H4, and daily chart If the pair fails to break through 0.9150, it is like to have a reversal trend on top of it. I will open a short position for swing trade if the uptrend line is broken and the buying signal of bearish breakout is spotted. The level of 0.8905 will be working as a level of support and the profit taking will be executed at this level.
On the contrary, if the price produces a bullish candle followed by bullish breakout, long position will be taken place and the price may head towards the level of 0.9240. However, I foresee it is more likely to have an upward correction and traders are to wait to drive the price down.
in case of bearish breakout :
- TP 0.8905
- SL 0.9200
In case of bullish breakout
- TP 0.9240
- SL 0.9103
On the contrary, if the price produces a bullish candle followed by bullish breakout, long position will be taken place and the price may head towards the level of 0.9240. However, I foresee it is more likely to have an upward correction and traders are to wait to drive the price down.
in case of bearish breakout :
- TP 0.8905
- SL 0.9200
In case of bullish breakout
- TP 0.9240
- SL 0.9103