Hi Traders,
The AUDCAD has broken out of the major bullish corrective structure Counter Trend Line (CTL) after it retested the H&S neckline that lined up with 50.0 Fib ratio, descending trend line and moving averages.
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Considering that the price has also broken the CTL of minor consolidation correction which retested the major Counter Trend Line...
lets test 0.38 FIBO LVL
i would not go short if it bounces up again from 0.38 but if it break it - expect 0.5,eventualy 0.618
( pay attention of testing ressistance at 0.236 )
do not chase trade
let the trade come to you
Based on a touch of the top channel , Target Circa 0.978
Low Risk high reward trade. As always DYOR and don't over leverage or trade money you cant afford to lose. We can only read the charts , not the future.
This one is a somewhat similar setup to the USDCAD trade. Expect and trade a rather sharp move down in the very short term, and then get out of the trade. Again, this is for the very short term, the overall trend remains quite bullish. Eventually, the trend will reverse and there will be a more longer-term move down, but I'll outline this in an update in a few weeks.
Looking at possible entries for AUD/CAD. Possible bullish move to .382 retracement which is hanging around the psychological number 1.0 or a break through 1.0 and touch .618 retracement.
AUDCAD has formed a bearish engulfing candlestick after consecutively making lower highs and lower lows. A valid down-trending support line bounce further confirms this short setup. SL set above previous highs, TP set at previous lows.
Pair is on a berish triangle pattern. Waiting for a breakout( probably bearish) to go short till 0,995 level, wich coincide with the last minimum price. Also, RSI has showed the same patter with a 61,8 of fibonacci retracement. Patience
It seams like a flag pattern is under construction on this pair. We had also a very nice push down this week like I guessed on my first idea I published before on April 28th.
I think there is more potential for bears to take over control on AUD/CAD. I have also put a tight stop-loss on my idea because there is no need to have it wide imo. if price moves in wrong...
After one terrible last week and taking some time out this week, now I'm looking for new trades for next week.
There is a big resistance line on daily chart which goes back to April 2014, November 2016 and last now in end of March 2017.
Will it break or will it be kicked back down?
Hello, happy Easter to you all.
If not today then probably next monday we should see AUD on this pair fall. Right now in this moment when writing the price have fight between bulls and bears. Price can and it will go up more before next fall.
Price has broken a bullish channel what indicates a good oportunity to go short. Now price is overselled, we must expect some correction(pullback) . Then, we will have one support level to put one of our targets. If price brokes that level, we can expect another bearish movement.
Price is next to a resistance key level. Next week will be relevant to see how price reacts to that resistance. If stops, we project bearish movement till 1,000(Psychological level). Then, if price breaks that support level, pair could fall till 0.97 level.
