Here the upward sloping channel is indicative of the relative and ever increasing deterioration of the Royal Bank of Canada's balance sheet relative that of the Royal Bank of Australia's. - A significant and still increasing fiscal power versus new debt issuance capacity, advantage RBA. This unlikely to change anytime soon - i.e. for years if not more. Naturally...
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It may head to the downside to retest the rising trend line, in case the trend is not broken, it will head to the upside and greater resistance will form than the previous one.
Here is the full analysis for this pair, let me know in the comment section below if you have any...
AUD/CAD Daytrade-execution!! SHORT
Market-Sell : 0.93930
Stop-loss : Close Break 0.94240
Target : 0.92100
Our chart is simple as possible to make it easier for you to see the chart.
- This is an execution signal. you can enter the market now
Good luck 👍
-The ideia here is to wait for a pullback into the 50% fib area in the 1h candle (around 0.93070). At that point, we can enter in a long position with at takeprofit at 0.9415 and SL 0.92795.
-Since it will probabliy take a few hours, we can leave a buy limit around 0.93070
- For the more conservative people, you can wait for a confirmation candle.
Is gradually declining within a downward channel and we can see the slowing of bullish momentum around 0.96500 and started its downward journey. After some minor fall another rising channel was formed and its collapsed towards 0.94000 and managed to reach around 0.96000.
For the past two days its in uptrend as the CAD is relatively weak against AUD AUDCAD...
AUDCAD is position at price @ 0.9634 for a bull run . This is a short term analysis.
Overall, we should expect a pullback of price around @ 0.9642 and 0.9651 and if the price closes below @ 0.9651 then our move will be short to the downside with target price @ 0.9524 and @ 0.9516
I am bullish until the price reaches @ 0.9642
Good Luck Traders.
A rejection from the demand zone can give some bullish momentum to this pair. The price has not managed to break the current level forming a new high. We could expect the price to break above testing the previous support level (dotted blue line), and after a pullback, a long entry could be set to the pattern neck.
S/L: 18 pips - R:R |...