this is chart analysis not a signal to trade be careful
dont forget like
CADAUD appears to be heading lower. It is in a very deep downtrend. The market has formed a "W" pattern, which is a bullish sign BUT it appears that price has bumped against the upper trend line. The market has not retested the 1.000 level so this tells me price may still be headed down. Hopefully the buyers won't get trapped in the market.
An X wave correction to the already completed ABC fractal is what I see. Again, Fibonacci gives me some nice goals to consider, and we are correcting within a correction, which really means a temporary bullish sign. Goals in green, invalidation in red. Not financial advice, do your own research.
Hello Traders Investors And Community,
Welcome to this analysis where we are looking at CADAUD which is sending some quite interesting signals at the moment with a potential continuation ahead and a clear formation which developed we can expect some significant price-actions further developing.
Looking at my chart you can watch there that CADAUD just confirmed...
So the daily candle didn't really play out as i hoped it would, was unfortunately not able to create a red body, because that green support held. It broke the red zone, but think it still has potential because it didn't really break up either. Think for now the green zone around 0.890 might be the key level short term, that level might decide whether i am right...
On the right we can see what looks like a failed breakout, that triangle where it broke up from, retested, made a new high but got rejected again. So good chance it was a small bull trap move. On the left we can also see that the daily candle is starting to become a sell signal. If it would drop some more today, and make a red body, it would be a nice sell signal....
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AUD is at a 10 year low and being reported on in the mainstream media.
This setup is looking for a reversal with a favorably skewed price target / stop loss.
Charts below include;
Top of the Bollinger Band
Balance of Power divergence
Balance of Power downtrend
Top of regression...
cad/aud have been holding support for some time now and ascending trendline + xabcd pattern has confirmed that trend as well. This is a long term goal to reach roughly 400 pips but smaller take profits are listed on this as well.
On the cad/aud, price seems to have retested previous support while also being in an uptrend.
Diving into the 4hr chart, I see price has created a falling wedge.
There are two options on entry:
1) either wait for price to retest support zone to enter.
2) Wait for price to break out of falling wedge, break resistance zone than retest it as support...