AUD/CAD 7/6/2020
Updated
Welcome to this analysis on AUD/CAD.
I took a trade on AUD/CAD on 6/16/2020 which got stopped out. This trade idea is a continuation of the last setup, you can refer to that link if you wanna read more about it.
Since the last trade, the market went sideways and consolidated more in a range between 0.942 and 0.927.
It appears like the price has just broken above the range and is finally ready to continue its previous uptrend as long as it holds the 0.94 as support.
The first major level of resistance above the price is the swing high of 20th of April at 0.96. the zone used to be a support of a weekly structure that should act as resistant now. The level can be a good target for this trade idea.
This trade idea has 3.5 rewards to risk ratio.
Good luck trading.
I took a trade on AUD/CAD on 6/16/2020 which got stopped out. This trade idea is a continuation of the last setup, you can refer to that link if you wanna read more about it.
Since the last trade, the market went sideways and consolidated more in a range between 0.942 and 0.927.
It appears like the price has just broken above the range and is finally ready to continue its previous uptrend as long as it holds the 0.94 as support.
The first major level of resistance above the price is the swing high of 20th of April at 0.96. the zone used to be a support of a weekly structure that should act as resistant now. The level can be a good target for this trade idea.
This trade idea has 3.5 rewards to risk ratio.
Good luck trading.
Note
Note
Took so long for it to move finally! It made an ascending triangle continuation and is moving to the target.Note
Note
Almost at the red box. starting to scale out of this trade up 2.5 R already.Note
Trade closed: target reached
+3.5RNote
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