AUDCAD-bounce trading on long term support
This pair is very bearish but at this stage after a speech this morning from RBA Stevens i think the dust settled. The AUD is expected to weaken more long term.
But the CAD is very oversold and i this pair will make a small correction, break this strong support and continue the bearish rally.
We see the price is bouncing from a strong level of support on W1 chart
On D1 chart there is an AB=CD pattern:
Here on H1 chart we see also an AB=CD pattern and the S1 pivot support holding the price.
I prefer to trade this on lower timeframes to take profits as soon as possible.
Bes regards
But the CAD is very oversold and i this pair will make a small correction, break this strong support and continue the bearish rally.
We see the price is bouncing from a strong level of support on W1 chart
On D1 chart there is an AB=CD pattern:
Here on H1 chart we see also an AB=CD pattern and the S1 pivot support holding the price.
I prefer to trade this on lower timeframes to take profits as soon as possible.
Bes regards