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🟢Forex Pair:
AUD/CAD
⚪Technical Analysis:
Since December 2020, the price has been moving with a nice uptrend after it got a strong impulse on the level at about 0.94560.
It reached and broke a daily resistance level at about 0.96550 and pushed up breaking through the level at 0.97700.
On the 6th of January the price finally bounced on the main resistance level (this is a strong weekly resistance that rejected the price many times in the past) and it failed many attempts to break the same level.
The 20th of January the price got a new rejection on the level at about 0.97700 and it seems has started a new uptrend.
🔴Conclusion:
The price is currently bouncing between two S/R levels and I'm confident to see it reaching one more time its next main resistance zone.
It would be a really short term trade, considering that in the daily and weekly time frame, the price is very close to an important S/R zone that rejected the price many times in the past.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/CAD
⚪Technical Analysis:
Since December 2020, the price has been moving with a nice uptrend after it got a strong impulse on the level at about 0.94560.
It reached and broke a daily resistance level at about 0.96550 and pushed up breaking through the level at 0.97700.
On the 6th of January the price finally bounced on the main resistance level (this is a strong weekly resistance that rejected the price many times in the past) and it failed many attempts to break the same level.
The 20th of January the price got a new rejection on the level at about 0.97700 and it seems has started a new uptrend.
🔴Conclusion:
The price is currently bouncing between two S/R levels and I'm confident to see it reaching one more time its next main resistance zone.
It would be a really short term trade, considering that in the daily and weekly time frame, the price is very close to an important S/R zone that rejected the price many times in the past.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
