**Monthly Chart**
AUDCAD has been in a long-term downtrend (or bearish) since 2017. I have seen it always create a range within a large range. For example from 2011 to 2014 it was moving in the higher range. Then moved lower and stayed in a range between 2014 and early 2018 before it pushed lower.
In April 2021, it pushed lower only to bounce from April 2020 low at around 0.8600 by creating double bottom in Oct 2022. Then created a relatively higher high and remains within the range.
Last month candle closed higher after it created another double bottom. This month's candle also opened at a high point and moved higher (still active). Therefore, my short-term directional bias is bullish in the coming months based on the monthly chart.
**Weekly Chart**
The directional bias based on the weekly chart still suggests the AUDCAD moves higher. The double bottom is clear in the weekly chart. Plus last week candle closed slightly shy from 0.9000 (round number), which might indicate that the price might test this level again as it is testing MC levels of July 2023.
**Daily Chart**
This week, I will be looking for buying opportunities near demand zones in lower time frames. Keep in mind that the price might bounce from MC levels (sensitive area).
AUDCAD has been in a long-term downtrend (or bearish) since 2017. I have seen it always create a range within a large range. For example from 2011 to 2014 it was moving in the higher range. Then moved lower and stayed in a range between 2014 and early 2018 before it pushed lower.
In April 2021, it pushed lower only to bounce from April 2020 low at around 0.8600 by creating double bottom in Oct 2022. Then created a relatively higher high and remains within the range.
Last month candle closed higher after it created another double bottom. This month's candle also opened at a high point and moved higher (still active). Therefore, my short-term directional bias is bullish in the coming months based on the monthly chart.
**Weekly Chart**
The directional bias based on the weekly chart still suggests the AUDCAD moves higher. The double bottom is clear in the weekly chart. Plus last week candle closed slightly shy from 0.9000 (round number), which might indicate that the price might test this level again as it is testing MC levels of July 2023.
**Daily Chart**
This week, I will be looking for buying opportunities near demand zones in lower time frames. Keep in mind that the price might bounce from MC levels (sensitive area).
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Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
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.