AUD/CAD Multi-Timeframe analysis (08/03/2021)
H1 Chart (Strong Down)
The market is approaching the resistance at 0.97252 . We are waiting to see reversal signals in order to reinstate SHORT positions. Next important resistance is the 0.98225 level.
Support & Resistance
AUD/CAD Signal (Daily Timeframe)
A medium to high probability, entry to go LONG is forming @ 0.98993 after the market found support @ 0.97130.Only the downward break of 0.97130 would cancel this bullish scenario.
Stop loss: 0.97130
Take profit 1: 1.00092
Take profit 2: 1.01955
Take profit 3: 1.04992
AUD/CAD (H3 Timeframe)
A medium to high probability, entry to LONG is forming @ 0.98975 after the market found support @ 0.98225. Only the downward break of 0.98225 would cancel this bullish scenario.
Stop loss: 0.98225
Take profit 1: 0.99418
Take profit 2: 1.00168
Take profit 3: 1.01390
Strategy: Bullish Breakout
Price has reached to it's highest level since April 2018 due to economical policies of Canada government and central bank.
Technically, reducing the price within the channel is definite. I expect to see the price on 0.98 and even 0.97 soon but not for a long time.
1.00 M,W Rejection zone
AC currently trapped in M,W Bullish Channel.
However, M.A's are supporting Bulls.
Price has respected support 0.98.
Watch this zone more closely.
AU has respected 1.00 zone.
Breakout still possible if NFP
AUDCAD has run into resistance on the Monthly, Weekly, Daily and 4hr timeframes. We saw a strong rejection on January's monthly candle close and we're now seeing a retest on the 4hr supply.
We have a potential to take a short from here and aim for lower lows.
As salam alaikum
Watch this zone more closely.
0.99 M,W,D rejection zone.
Bearish Channel Formation.
I'm expecting a breakdown till
0.92 atleast if and only if AUD
gets weaker else It could break
above 1.00 zone.
AUDCAD is still on a bullish weekly trend, so its possible that it might revisit previous high. The pair failed to break completely and form a bearish continuation, so if a new solid support forms a i will open a new Buy position for a 1:2 risk reward. I WILL OPEN POSITION ONLY AT THE RETEST OF 0.89220 KEY LEVEL.
It appears that the rally that began early Dec 2020 has found a reversal point as the appearance of a Double Top structure becomes visible.
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern (Double Top) | Breakdown | Supply & Demand
Observation: i. DT: Bearish technical reversal pattern forms after the price reaches peak @ CA$0.99000 two...
December was a strong month for Aud also against its Canadian counterpart and AudCad reached a top above 0.98
Now the pair broke under trend line support and confirmed this break. Yesterday we also have a lower high and I expect a correction from this pair once 0.98 support is broken.
Sell rallies can be a good strategy
- key level;
- wait for grown;
You will learn the best place where we can trade this instrument at low risk.
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P.S. I personally...