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...
For the past 6 months or so, AudCad traded in a range between 0.97 and 0.93 (more or less). Now the pair just made the first leg down from the top of the range and I expect this drop to continue.
Sell rallies is my strategy and 0.9520-0.9550 should provide a good sell zone.
My outlook is bearish as long as the pair is under 0.9650 on a daily close bases
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...