Long

AUDCAD: Continuation of the rally in short term?

Updated

From a technical point of view, a bullish consolidation is possible in the short term. If we look at the intraday chart, the pair could develop a bullish impulse structure 1-2-3-4-5.
An interesting strategy could be to start with a small size and add step-by-step if the trade goes in the right direction.

Trade with care!
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Cheers!

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5' chart: Potential Pattern

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The pair should be able to reach the resistance area around 0.9030, and from there it will decide a lot of our setup, let's see…

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🔴On 15' chart the structure is interesting and hangs on a small support at 0.9023, if the price action manages to stay above it is possible the formation of an impulsive structure (12345).

At the same time, if we look at 15' candlestick chart, we see potential harmonic structure forming, but to do this we need to see resistance breakout (R).

For me it is always very difficult to follow time frames as small as 15', because the risk of failure is really very high, but at the same time, it could be useful for following short-term dynamics.

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🔥Target Area: 0.9090/0.9100🔥

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🔴 If our harmonic structure works properly, it should trigger some corrective structure (wave 4) before a new bullish leg (wave 5).

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🔴 After the FED announcement, we saw high volatility but the basic structure remained intact. On the 15' chart we still have a harmonic.

No change on 1H chart, bullish impulse structure is still forming con Target Area around 0.9090/0.9100.

Trade closed: target reached

Target hit

TheAnonymousBanker

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