AUDCAD
Updated
Had a push through zone B spiking close to the psychological level 0.92500
Price has pushed above the zone but there is no indication yet of price rejecting the lower levels. This could be a 'fake out' to trap retail buyers using breakout strategies.
We see a Head and Shoulders pattern forming on the daily. Cad pairs are filled with spikes so I would hope to see spikes down to reject the neckline of the formation and indicate buying pressure.
Lets be patient and wait for clearer signs of price rejection the 0.92000 region.
With rising war tensions surrounding OIL in the Straight of Hormuz we could see oil prices rising, this in term can strengthen the Canadian dollar. Taking our technical approach on a LONG trade out of play.
Price has pushed above the zone but there is no indication yet of price rejecting the lower levels. This could be a 'fake out' to trap retail buyers using breakout strategies.
We see a Head and Shoulders pattern forming on the daily. Cad pairs are filled with spikes so I would hope to see spikes down to reject the neckline of the formation and indicate buying pressure.
Lets be patient and wait for clearer signs of price rejection the 0.92000 region.
With rising war tensions surrounding OIL in the Straight of Hormuz we could see oil prices rising, this in term can strengthen the Canadian dollar. Taking our technical approach on a LONG trade out of play.
Comment
The 0.92000 level is holding. Waiting to see if we can get a retest of this area and signs for entry to go long.
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