The Trading Guru is back again with another updated on AUDCAD. We can see some clear support and resistance levels here, that I showed in previous analyses. But also, we create a few new ones.
A relatively strong resistance is just hit and on the lower timeframes we can already see a small rejection forming. My expectation is that the price will drop again. I added the logical levels for the stop loss and take profit. As you can see, the stop loss will be slightly above the horizontal resistance to give our analysis a little bit of slack. The take profit is right near where the first level horizontal support starts, a logical place to exit the trade.
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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!