FullTimeTrader
Long

AUDCAD-bounce trading on long term support

FX:AUDCAD   Australian Dollar/Canadian Dollar
294 3 7
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

snapshot


On D1 chart there is an AB=CD pattern:

snapshot


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
snapshot


Potential time and price targets from daily and weekly charts.
These serve as reversal levels as well, specially if not met on time.
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FullTimeTrader IvanLabrie
Thanks for your info, very interesting although my trading system is different
Reply
IvanLabrie PRO FullTimeTrader
Definitely, but still interesting to compare views.
Nice going with target 1 being hit.
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