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Audcadidea

AUD/CAD Multi-Timeframe analysis (08/03/2021)Hi Traders AUD/CAD Multi-Timeframe analysis (08/03/2021) H1 Chart (Strong Down) The market is approaching the resistance at 0.97252 . We are waiting to see reversal signals in order to reinstate SHORT positions. Next important resistance is the 0.98225 level. Support & Resistance 0.97016 0.97252 0.96877 0.98225 0.96641 0.98733 H4 Chart (Bearish) Target 1 at 0.97224 has been reached. We closed 50% of our position and have moved the stop loss at the lock-in-profits level at 0.98522 . Provided the market conditions will remain the same Target 2 will be reached soon. Support & Resistance 0.98208 0.98711 0.97874 0.98975 0.97224 0.99371 Daily Chart (Neutral) Conflicting technical signals are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop. Support & Resistance 0.97057 0.97130 0.96164 0.98993 0.95483 0.99921 Weekly Chart (Strong Up) Waiting for a retracement lower towards the 0.96954 support level, in order to reinstate LONG positions. Next important support is the 0.92464 level. Support & Resistance 0.96954 0.99921 0.92464 1.04093 0.91493 1.11412
Short
by Avramis
AUDCAD Rising Wedge Breakout, Midterm Short There is a resistance that has been in place since 2012 so it is very strong. When the price got there is fairly quickly got rejected. On the Weekly timeframe you can see a nice rising wedge that is now about to be broken (if you look at a shorter timeframe it is broken.) Also, it is broken on the RSI. What to look for: A close under the wedge on the daily timeframe or if you are feeling aggressive you could enter now. I am newer to forex so let me know what you think in the comments. If you like the idea, please follow.
Short
by Sicklezi
2
AUD/CAD Retrace To SupportThis is just short of the TP I set on this pair in my previous post but personally I have closed the trade, I think this is going to retrace soon as it is now overbought on 4HR and daily timeframes. It may still hit that TP but I prefer to secure the profit as a lot of AUD pairs are looking overbought. So now I will monitor this pair for a retrace to the support area highlighted. If there is a rebound from there a long can be taken to either the previous TP at 1.0000 or a new high of 1.00482. There is a lot of resistance in the red area marked above so I am setting the TP reasonably low as this could have a fairly big rejection considering how sharp the rise has been
by olly48