Multiple Buying Opportunity
Upon analysis, there are multiple factors that indicate a potential buying opportunity for AUDCAD.
Firstly, the bullish 5-0 pattern on the Weekly chart was identified and discussed in my previous report.
Secondly, various trading strategies have also pointed towards a buying opportunity.
For example, the 4-hourly chart shows a tested support level at 0.8954, which has been tested three times. If this support level is broken, there is a complete AB=CD Harmonic Pattern at 0.8940.
On the 1-hourly chart, a bullish deep crab pattern is observed with a retest at 0.8952, providing an opportunity for traders. The only factor that could deter this trade is a potential market gap when the market opens on Monday.
Nonetheless, with the aforementioned indicators in place, a potential buying opportunity for AUDCAD presents itself.
Firstly, the bullish 5-0 pattern on the Weekly chart was identified and discussed in my previous report.
Secondly, various trading strategies have also pointed towards a buying opportunity.
For example, the 4-hourly chart shows a tested support level at 0.8954, which has been tested three times. If this support level is broken, there is a complete AB=CD Harmonic Pattern at 0.8940.
On the 1-hourly chart, a bullish deep crab pattern is observed with a retest at 0.8952, providing an opportunity for traders. The only factor that could deter this trade is a potential market gap when the market opens on Monday.
Nonetheless, with the aforementioned indicators in place, a potential buying opportunity for AUDCAD presents itself.
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