EdwardFabianRamirez

AUD/CAD Analysis for Week 21

Long
FX:AUDCAD   Australian Dollar/Canadian Dollar
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

Alright so to me this pair seems a bit unstable. As in there is no clear trend going on here, but sometimes on the smaller one-hour time frames we can catch some profit, but I want to make a full analysis on this pair.

Weekly:
Ok so since August of 2015 the price has been making higher lows, making a trendline, but not able to make higher highs. So basically making an Ascending Triangle. It's hit the support area twice already. So can we expect one more hit before a breakout?

Daily: Ok so now on the Daily we can form some structure with support and resistance levels. We can see some support levels around .99670. We have three touches on that support line since April. There is also some resistance area around 1.02000 that the pari was unable to break two weeks ago. WE also see this week closed with a doji on the Daily chart. On Wednesday, Thursday and Friday we have some pretty long wicks on these daily candles but seems like the bulls may have won and were unable to keep the price closing higher. So in the end the price closed below the 1.00644 resistance level.

4hr:
Ok so on the 4hr chart we can clearly see that support-turned-resistance levels at 1.00644 and we can also see some resistance levels around 1.01401, where I was actually able to profit a bit this week. So lets take a look at what could happen this coming week.

Option 1:
So the price could come back down, touch one of the fib retracement levels and keep that bullish trend but until 1.01401 resistance level. If we manage to break that we will have to hold out for the next support and resistance level.
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