Hey guys,
here on AUDCAD price is testing a key support level that pushed prices higher in the past. Therefore i can expect a reaction at this level on lower timeframes, such as a double bottom with RSI divergence like it's happening on the 4hr chart. At this moment price is also creating a nice engulfing candle that could additionally confirm our view. With stops below the lows and target as shown it could be a good buying opportunity. But i'm waiting to see next candle. Keep you updated!
If you want to share your view or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
here on AUDCAD price is testing a key support level that pushed prices higher in the past. Therefore i can expect a reaction at this level on lower timeframes, such as a double bottom with RSI divergence like it's happening on the 4hr chart. At this moment price is also creating a nice engulfing candle that could additionally confirm our view. With stops below the lows and target as shown it could be a good buying opportunity. But i'm waiting to see next candle. Keep you updated!
If you want to share your view or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active
Trade closed: stop reached