I expect that the AUDCAD is giong to have a bit of a bullish move for a while.
You can see on the 240 minute chart (here: https://www.tradingview.com/x/TCiw9jaB/ ), that the downward momentum had started to slow down and now the price is hitting its head on this resistance. This could/should be a fun bullish ...
If it were not for the Brexit fears, then I would be all over this trade. I love it! And it looks like a lot of pips can be made. But I am not going to trade. The GBP has burned me too much in 2016 and there is still too much uncertainty with the possible Brexit.
I took a loss on this trade. There was plenty of opportunity to get a small amount of profit but I just didn't take it. When it broke below the support (see linked trading idea) I just got out at a loss. JPY pairs just trend way too much for me to be willing to hang on to until it turns around.
I love these types of scalps. They are so consistent and easy.
Primary cautionary word: Sometimes the sell off happens before the actual highest point. So if the sell off happens before triggering your entry, remove the order.
For horizontal S/R levels on 240 minute charts, I generally only like to take about 20 pips. But has traveled a long way with virtually no breather to get here. I expect there will be a good amount of profit taking going on. I may go for more than the normal 20.
We have seen some slowing momentum on the long term down trend in the NZDUSD and it posted a higher low in January this year. This last week it broke out above the resistance that was formed and it appears we could go into a medium term uptrend from here.