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