Classic Fibonacci Retracement to 0.382
Updated
AUDCAD is at a unique level. When the market is unsure I tend to go back to the basics. Measuring this trend from the high to the low and snagging a quick trade to the 0.382 level is about as classic as it gets. This is a textbook fundamental trade, MACD (indicator on bottom) is telling me that the bears are losing steam and the price has the potential to reverse. EMA & SMA are showing a clear exhaustion of the trend on the 30 min timeframe (shown by the "BUY" flag)..... Trade this area with caution but a retracement to 0.382 is palatable.
This is not financial advice.
This is not financial advice.
Note
like butter...
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.