AUDCAD Bullish Bias from Institutional Demand
Updated
Hey Traders,
Besides the previous calls, this one is on our watchlist for a potential bullish move this week or next week. The analysis starts at the monthly timeframe which is sitting in monthly demand. The weekly timeframe and the daily timeframe rejected our weekly/daily supply zone at 0.91400, as of now the daily pullback from this zone is fullfilled and reached the daily retracement .618 and .75.
It's likely that we push a bit lower from where price is right now, and we'll be waiting for clean bullish price-action to develop around this zone at the 4hour timeframe.
Let's be patient and see if price-action develops nicely.
Best regards,
The NCFX Team
Besides the previous calls, this one is on our watchlist for a potential bullish move this week or next week. The analysis starts at the monthly timeframe which is sitting in monthly demand. The weekly timeframe and the daily timeframe rejected our weekly/daily supply zone at 0.91400, as of now the daily pullback from this zone is fullfilled and reached the daily retracement .618 and .75.
It's likely that we push a bit lower from where price is right now, and we'll be waiting for clean bullish price-action to develop around this zone at the 4hour timeframe.
Let's be patient and see if price-action develops nicely.
Best regards,
The NCFX Team
Order cancelled
As explained above, we were waiting for bullish price-action to develop in the zone at the 4hour timeframe. If you look at the 4hour chart, you can clearly see a falling wedge formation develop, which caught our eyes. The pattern failed to break out to the upside with a bullish 4hour candlestick pattern and broke the zone later on to the downside. This pair is not on watch anymore for now due to the extreme weakness for the AUD pairs.
Best regards,
The NCFX Team
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