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Audcadforecast

Closer Look at AUDCAD - Short BiasI believe price will be making a move downwards but awaiting confirmation. Price recently broke below the long-term trend line and now has a nice pullback up to the same trend line. My fibonacci levels are based on the downwards impulse move that broke the trend line. My two predictions are as follows: 1) Price will move below the 38.2 Fib level and break the shorter term trend line before moving down to around the 0.89100 area 2) Price will consolidate, push up above the 50.0 Fib level before finding resistance at the 61.8 Fib level and then another impulse wave will bring the price down again to the 0.89100 area
by RingerFX
AUDCAD trade idea on H1Plan : trendline breakout --> wait for prices to bounce off horizontal / trendline support --> wait for the rejection candle pattern to form e.g. bullish engulfing , pinbar etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade like i do, please write it in comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
3
AUDCAD - POTENTIAL SHORT(S)We've seen over the years how strong of a support level 0.91-0.915 has been in rejecting price and setting up long opportunities. It's been broken and has continually been touching this price point yet this time as a resistance, being unable to surpass it. I'm looking for price to extend a bit further towards 0.915 area before entering to setup the RSI which is looking somewhat neutral at the moment, but this price action and the structural pattern are definitely showing bearish intentions. The first target would be the bottom of the nearest daily support area where the breakout bottomed out (0.88-0.89), second target at approximately 0.855 (backtested support) and final swing at the monthly low 0.75. Low risk with a tight stop. Let me know if you have any suggestions or alternate analyses.
Short
by KingEndri
1