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AUDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 42 - 12 Oct M > Market reached resistance level that had pushed price way down last time, price is now moving down for correction. We can see W formation and expect drop to test the neck. Placing FIB on last monthly bullish impulse we can expect correction till 0.382 level which is beyond neck of W, our target. W > Price has made 3 attempts to break monthly resistance and after failing moved down creating two LL. Placing FIB on last major weekly bullish impulse we can see that price dropped till 0.618 level (1st LL) and moved up to test weekly resistance again. We are in a bearish trend and have target as neck of W formation, however we have weekly demand zone on way down and can set this level as our 1st target and neck of W formation as our 2nd target. D > We saw an M formation and after creating 2nd LL price moved up to complete the formation, we expect continuation of bearish trend. However price failed to break support level and moved upwards after rejection. As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. Price is failing to continue with bearish move because of weak CAD, unless CAD gains strength AUD will continue to dominate this pair. 4H > Price made 3 attempts to break support level and has failed. In short term price can move up to test daily supply zone and after capturing more liquidity can make another attempt to the downside. Recommendation > Price can move up, about 50 pips to test supply zone, hence short term target is Long but long term target will continue to be Short (2 targets). It is recommended to monitor price action for Short since CAD is weaker than AUD at the moment. Pair Correlation > AUDCAD has positive correlation with NZDUSD, AUDUSD and NZDCAD and negative correlation with EURAUD and GBPAUD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Short
by AP17FX
AUDCAD heading towards 52 week high AUDCAD The recent risk rally helps the Aussie dollar to gain some strength against its counterpart Lonnie From August 24 this pair is trading in uptrend and reached the current monthly high of 0.96511 The uncertainty in oil prices also weighing in CAD pairs and it's lose some gain against the strong risk proxy currency which is Aussie dollar After completion of Elliott correction wave 03 which is a current monthly low- 0.94197 this pair went bullish And trading above all the 50,100,200 Exponential moving average will further attract the buyers until 0.9700 which is a 52 week high and a major resistance zone And a supply zone The current monthly high-0.96511 which is a third wave of Elliot principal We can open suitable buy orders at 50% Fibonacci retracement level of third wave which is 0.95588. And a completion of fourth wave Potential take profit will be 0.96964 which is the level expected to be a end of 5th Elliott wave We have to see the bullish engulfing or rejection at 0.94600 level to buy this pair and descending channel got broken on August 26 which is a clear sign of bullish Trend Positive risk appetite will make this pair as more bullish, Have a eye on corona vaccine development and a relationship between USA and China Important key levels Previous week low - 0.94661 Previous week high - 0.96511 Monthly high - 0.96511 Monthly low - 0.94611 52 week high - 0.96964
Long
by forexorbit
2
AUDCAD long trade ideaPlan: wait for the price to bounce off from support level --> 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 as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
AUD/CAD Golden ZoneGood day, snipers. Here in the AUD/CAD, we have multiple confirmations to go long. TECHNICAL ANALYSIS first on the weekly time frame, price rejected our golden Fib Zone 61.8 and I am expecting for price to go up. Also, price rejected the 8 EMA which was respected in the last few motnhs. FUNDAMENTAL ANALYSIS next is about the CoT report. Currently, net positions regarding the CAD are being sold while the AUD is being bought the previous week. Specifics are discussed with the team and accurate entry, SL and TP are sent too. Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below or leave me a message if you have any questions about the idea.
Long
by SniperFXFree
7
AUD/CAD Is a Long?Good day, snipers. Here in AUD/CAD , price seems to reject the 50 EMA and support zone. Price also is nearly at the bottom of the up trending channel. Will be looking for price confirmations before going long on this pair, or maybe not. Signals about possible entry, TP, and SL are sent to students. Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below.
Long
by SniperFXFree
AUD/CAD Time to Short BabyGood day, snipers. In the AUD/CAD, we can see that price came to retest the strong resistance zone which was present in the higher time frames (weekly and monthly). Price is also on top of the trend channel and I expect a downward push. Also, price recently made a long wick on that resistance zone and is now at overbought levels on the RSI. Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. Signal sent to students. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below.
Short
by SniperFXFree
AUDCAD short trade ideaPlan: support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL **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 as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
2
AUD/CAD - Bearish Volume Incoming!Hello Traders!, We're nearing the end of this trading week, with lots of great opportunities, I hope we've all been able to capitalise of this lucrative trading week. Here we can see an influx of bearish volume on its way for AUD/CAD pair, taking advantage to see if we can make some shorts. What Is The Market Telling Us? Resistance zone of around @0.94000 has been holding for over 3 weeks, with showing multiple strong rejections We can clearly see the market has been ranging between our support and resistance levels for some time, further consolidation is expected Bullish volume has been decreasing ever since price has reached our resistance, giving us more confluence of a drop off in price to come soon When Should We Enter? Since we're looking for SHORTS on this pair, we can enter the market as soon as a we get bearish confirmation at the resistance Look for certain bearish candlestick/chart patterns, these patterns will be validated as they will occur at our resistance zone
Short
by forexwithfred