Hey Traders, in today's trading session we are monitoring AUDCAD for a buying opportunity around 0.89300 zone, AUDCAD was trading in a downtrend and currently seems to be attempting to break it out. if we get further rallies above the resistance we will seek for a potential retrace of the trend towards more highs.
Trade safe, Joe.
FX:AUDCAD
Looks like we like a break of structure coming soon. On the the higher time frame price has been consolidating. We have news dropping in a few hours. Let's see if the price falls to retest support.
We could also see price breaking above the trendline and creating higher highs.
The AUDCAD pair is trading within a Channel Up pattern that has currently been rejected twice on Resistance 1 (0.905500). With the 1D MA50 (blue trend-line) crossing today (or tomorrow the latest) above the 1D MA200 (orange trend-line) to complete a 1D Golden Cross, and the 1D MACD forming now a Bullish Cross, we have a strong case for a break-out above Resistance...
Lower time frame like 5mins will give clear structure to look for continuation of the bullish trend since a supply 📈 failed to hold to push down, wait for CHOCH to confirm ENTRIES 📊, GOODLUCK 🙏❤️
AUD/CAD is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 0.90361 which is a pullback resistance.
Stop loss is at 0.90700 which is a level that sits above the swing-high resistance.
Take profit is at 0.89862 which is a pullback support that aligns with the 50.0% Fibonacci retracement level.
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Greetings fellow traders,
The upcoming trajectory is set to follow the purple path based on the mid-term analysis.
For intraday considerations, two potential setups emerge:
A prospect at the bottom of the channel, though I advise caution. I am willing to take a quarter of the usual risk for this setup.
Alternatively, the purple zone nested within the yellow...
