Greetings Fellow Traders,
As per request in the comments of one of my other analyses I'm posting my near term outlook for AUDCAD. Drilling down from the Daily Chart posted we have a bearish candlestick that is very good at determining immediate market momentum. Early next week I wouldn't recommend buying AUDCAD, I expect that the first place buyer interest resumes in the market will begin just above the .97000 level as shown on the Daily Chart.
On the 4 hour chart shown below you can see the same candlestick that finished the daily chart, also wrapped up the week on this time frame. I've added the current bearish strength associated with this move, by creating and visualizing the strength channel you begin to see where a probable place for buyer's to enter back in the market is...interestingly enough it also sits just above the .97000 level.
Drilling down even further we see almost the same thing as the previous 2 time frames that we looked at. To summarize, it seems incredibly likely that AUDCAD will continue it's current move as we enter the 2nd week of trading in 2016. Long term buyers should remain at bay and wait for more desirable entries.
Thanks to user @JamesKimbrell for this analysis. If there is a currency pair that you would like my input on, all you need to do is ask!
If you enjoy what you see or have questions, feel free to comment/like/follow.
As per request in the comments of one of my other analyses I'm posting my near term outlook for AUDCAD. Drilling down from the Daily Chart posted we have a bearish candlestick that is very good at determining immediate market momentum. Early next week I wouldn't recommend buying AUDCAD, I expect that the first place buyer interest resumes in the market will begin just above the .97000 level as shown on the Daily Chart.
On the 4 hour chart shown below you can see the same candlestick that finished the daily chart, also wrapped up the week on this time frame. I've added the current bearish strength associated with this move, by creating and visualizing the strength channel you begin to see where a probable place for buyer's to enter back in the market is...interestingly enough it also sits just above the .97000 level.
Drilling down even further we see almost the same thing as the previous 2 time frames that we looked at. To summarize, it seems incredibly likely that AUDCAD will continue it's current move as we enter the 2nd week of trading in 2016. Long term buyers should remain at bay and wait for more desirable entries.
Thanks to user @JamesKimbrell for this analysis. If there is a currency pair that you would like my input on, all you need to do is ask!
If you enjoy what you see or have questions, feel free to comment/like/follow.
