Week 48: AUDCAD - Look for long
Price is in a support zone and has been making pins in the 0.96x levels which has convinced me that this area of support is pretty strong. However, to enter a position now means having to stomach a 200+ pips stop loss by placing your SL behind the support zone.
Therefore, it will be better to wait for price to return to 0.9617 to enter a long trade. Note that the likelihood of consolidation at 0.9772 level is quite strong.
Therefore, it will be better to wait for price to return to 0.9617 to enter a long trade. Note that the likelihood of consolidation at 0.9772 level is quite strong.
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