The *AUD/CAD (Australian Dollar/Canadian Dollar)* chart from OANDA includes several technical analysis tools and potential patterns. Here’s a breakdown of what’s being used:
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### *1. Key Tools & Indicators:*
#### *Support and Resistance Levels:*
- *"Ristane Level" (Likely "Resistance Level")*:
Marks a price zone where selling pressure may dominate, preventing upward movement.
- *"Support_Level"*:
A horizontal line indicating a price floor where buying interest could emerge.
- *"Break-off"*:
Suggests a breakdown below a key level (e.g., 0.88500 or 0.87500), signaling potential continuation of a downtrend.
#### *Price Levels Highlighted:*
- *0.88500, 0.87500, 0.87000*: Likely recent support/resistance zones.
- *0.85000–0.85500*: Potential lower support targets or reversal areas.
#### *Thomson Retracement (Likely "Fibonacci Retracement")*:
- Mention of *"0.01 of Thomson retracement"* implies the trader is watching a shallow pullback (e.g., 1% or 23.6% Fib level) for a potential reversal entry.
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### *2. Potential Patterns (Inferred):*
- *Breakdown Pattern*:
The drop below "Break-off" levels (e.g., 0.87500) suggests a *bearish breakout*, possibly from a consolidation range or descending triangle.
- *Reversal Signal*:
The note about "Largest moment captured, it may take reversal" hints at:
- A *double bottom* (if price bounces near 0.85000–0.85500).
- A *bullish divergence* (if momentum oscillators like RSI show oversold conditions).
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### *3. Platform Tools (Bottom of Chart):*
- *Pine Editor*: For custom scripts (e.g., automating Fibonacci levels or alerts).
- *Strategy Tester*: Backtesting reversal strategies.
- *Replay Trading*: Practicing entries/exits around key levels.
---
### *4. Missing Context:*
- *Timeframe*: Unclear due to the "th" label, but likely 1H/4H given the focus on retracements.
- *Candlestick Patterns: No candles shown, but patterns like **hammer* or *bullish engulfing* near support would reinforce reversal signals.
- *Volume/Indicators*: Hidden but likely used (e.g., RSI for overbought/oversold conditions).
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### *Conclusion:*
The trader is combining:
1. *Horizontal S/R levels* (0.87500, 0.85500).
2. *Fibonacci retracement* (for reversal entries).
3. *Breakout confirmation* (post-"Break-off").
*Next Steps:*
- Watch for price action near *0.85000–0.85500* for reversal signs.
- Confirm with momentum indicators (e.g., RSI > 30) or candlestick patterns.
Would you like a strategy suggestion for trading this setup?
---
### *1. Key Tools & Indicators:*
#### *Support and Resistance Levels:*
- *"Ristane Level" (Likely "Resistance Level")*:
Marks a price zone where selling pressure may dominate, preventing upward movement.
- *"Support_Level"*:
A horizontal line indicating a price floor where buying interest could emerge.
- *"Break-off"*:
Suggests a breakdown below a key level (e.g., 0.88500 or 0.87500), signaling potential continuation of a downtrend.
#### *Price Levels Highlighted:*
- *0.88500, 0.87500, 0.87000*: Likely recent support/resistance zones.
- *0.85000–0.85500*: Potential lower support targets or reversal areas.
#### *Thomson Retracement (Likely "Fibonacci Retracement")*:
- Mention of *"0.01 of Thomson retracement"* implies the trader is watching a shallow pullback (e.g., 1% or 23.6% Fib level) for a potential reversal entry.
---
### *2. Potential Patterns (Inferred):*
- *Breakdown Pattern*:
The drop below "Break-off" levels (e.g., 0.87500) suggests a *bearish breakout*, possibly from a consolidation range or descending triangle.
- *Reversal Signal*:
The note about "Largest moment captured, it may take reversal" hints at:
- A *double bottom* (if price bounces near 0.85000–0.85500).
- A *bullish divergence* (if momentum oscillators like RSI show oversold conditions).
---
### *3. Platform Tools (Bottom of Chart):*
- *Pine Editor*: For custom scripts (e.g., automating Fibonacci levels or alerts).
- *Strategy Tester*: Backtesting reversal strategies.
- *Replay Trading*: Practicing entries/exits around key levels.
---
### *4. Missing Context:*
- *Timeframe*: Unclear due to the "th" label, but likely 1H/4H given the focus on retracements.
- *Candlestick Patterns: No candles shown, but patterns like **hammer* or *bullish engulfing* near support would reinforce reversal signals.
- *Volume/Indicators*: Hidden but likely used (e.g., RSI for overbought/oversold conditions).
---
### *Conclusion:*
The trader is combining:
1. *Horizontal S/R levels* (0.87500, 0.85500).
2. *Fibonacci retracement* (for reversal entries).
3. *Breakout confirmation* (post-"Break-off").
*Next Steps:*
- Watch for price action near *0.85000–0.85500* for reversal signs.
- Confirm with momentum indicators (e.g., RSI > 30) or candlestick patterns.
Would you like a strategy suggestion for trading this setup?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.