🔍📊 "Analysis of AUDCAD: Market Insights and Strategies" 💡📉
🕵️♂️ Let's dive into analyzing the Australian Dollar against the Canadian Dollar and see how they compare to each other. We'll focus on lower timeframes for this analysis.
📅 As we start the first day of the week, the market has just opened, and traders are awaiting the American session for their trading activities. Typically, we see increased volume during this time as traders enter the market.
🔄 On higher timeframes, this currency pair mostly trades within a range, with traders engaging in range trading and oscillations within this range. Therefore, our strategy and trends are more range-bound in higher timeframes.
🕓 On the four-hour timeframe, after hitting the daily resistance at 0.89963, we are currently experiencing a downward movement towards the bottom of the range. Currently, we are resting on a significant support level at 0.88135, waiting for new price action.
📉 For a short position, our support is identified, and after the breach of the 0.88135 support level and confirmation with a candle below this support, we consider it broken. We can then hold our short position with a target of 0.87326, provided this support is decisively broken.
📈 For a long position, considering the range-bound nature of higher timeframes, we can anticipate a trend reversal sooner and capture it. We can open our long position after the break of the descending trendline and confirmation of the 4-hour trigger at 0.88484.
🔍 Our upcoming supports are at 0.87792, 0.87326, and 0.865, while our resistances after the trendline breach are at 0.88951, 0.89495, and 0.8996.
📊 I recommend observing the market on Tuesday and exercising patience before initiating trades. Tuesday might not always be the most profitable trading day, but it's crucial to stay disciplined and wait for favorable trading conditions. This advice is based on my personal experience and trading journal analysis and may vary for different traders.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📅 As we start the first day of the week, the market has just opened, and traders are awaiting the American session for their trading activities. Typically, we see increased volume during this time as traders enter the market.
🔄 On higher timeframes, this currency pair mostly trades within a range, with traders engaging in range trading and oscillations within this range. Therefore, our strategy and trends are more range-bound in higher timeframes.
🕓 On the four-hour timeframe, after hitting the daily resistance at 0.89963, we are currently experiencing a downward movement towards the bottom of the range. Currently, we are resting on a significant support level at 0.88135, waiting for new price action.
📉 For a short position, our support is identified, and after the breach of the 0.88135 support level and confirmation with a candle below this support, we consider it broken. We can then hold our short position with a target of 0.87326, provided this support is decisively broken.
📈 For a long position, considering the range-bound nature of higher timeframes, we can anticipate a trend reversal sooner and capture it. We can open our long position after the break of the descending trendline and confirmation of the 4-hour trigger at 0.88484.
🔍 Our upcoming supports are at 0.87792, 0.87326, and 0.865, while our resistances after the trendline breach are at 0.88951, 0.89495, and 0.8996.
📊 I recommend observing the market on Tuesday and exercising patience before initiating trades. Tuesday might not always be the most profitable trading day, but it's crucial to stay disciplined and wait for favorable trading conditions. This advice is based on my personal experience and trading journal analysis and may vary for different traders.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.