Hope you all are enjoying trading. Let's take a look at this pair, its currently making a beautiful pattern on 4h chart, and if it break and close above the trendline then we may see a buy setup for short term. But in case if price remain or closes inside the pattern then we may see lower degree pattern (inside flag) breakout towards down, and that will be for short term too.
Trade according to your own strategy. Goodluck & Happy New Year!!
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Take a look on 1h!
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So we got a breakout on nice flag pattern, And its a short trade so we will target levels accordingly.
Trade closed: target reached
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Pretty accurate. Banked 180+ Pips!
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MertErten
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I think all AUD pairs will be VERY bullish because GOLD is an uptrend and has a potential for ~1200. (at least)
cheers
@WaveExpert, most probably it will come down at least 100pips .. But I'm not interested in sell , I'll ride it on bullish track after this move down...
Thanks for your great analysis!
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
cheers