The AUDCAD pair has been trading within a long-term Channel Down since the January 26 2023 High and the recent Trade War fueled sell-off took the price almost on its bottom (Lower Lows trend-line).
The 1D RSI got vastly oversold at 14.00 and a bottom is to be expected within the next 2 weeks. Still, this level is low enough to be considered a solid long-term buy opportunity already. The previous bottom rebound targeted initially the 0.5 Fibonacci retracement level, so our target is 0.88850 on the medium-term.
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The 1D RSI got vastly oversold at 14.00 and a bottom is to be expected within the next 2 weeks. Still, this level is low enough to be considered a solid long-term buy opportunity already. The previous bottom rebound targeted initially the 0.5 Fibonacci retracement level, so our target is 0.88850 on the medium-term.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
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🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.