This weeks short lived CAD bullish momentum seems to be slowing down. With that we have a good opportunity to go long with AUDCAD. This fits perfectly with the bounce off the trend line and a nice bullish candle starting to form. I would go long until the strong resistance level that has been formed around the 1.03400 area. This will give you a 2:1 minimum trade. The StochRSI indicator is also in the oversold area to help confirm the trade opportunity. Please trade at your own risk. Happy Trading.
Comment
⋅
Sorry for covering the bounce off the trend line, it was not like that when I was making the chart.