AUDCAD Trade Idea 120521 (Swing Setup)
As we can see from the H4 perspective, the price has recently managed to breakout of the zone A after 2 weeks of consolidation as indicated black box.
Sentiment on AUD vs USD is likely to be weak as we can observe from AUDUSD where price has been in a bearish mode since Monday US session with daily high of 0.7890+- till as of today 0.7800+-;
While CAD has been strengthening since BOC maintained its overnight rate at 0.25% during last meeting at Apr21.
Look for sell opportunity for this AUDCAD till zone C, price may reverse to retest zone A before continues its sell direction.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Sentiment on AUD vs USD is likely to be weak as we can observe from AUDUSD where price has been in a bearish mode since Monday US session with daily high of 0.7890+- till as of today 0.7800+-;
While CAD has been strengthening since BOC maintained its overnight rate at 0.25% during last meeting at Apr21.
Look for sell opportunity for this AUDCAD till zone C, price may reverse to retest zone A before continues its sell direction.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Comment:
***typo correction*** till zone B