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Audcadidea

AUDCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of AUDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 50 - Dec 07 M > Price tested monthly resistance and dropped for correction. It again returned backup to test monthly resistance facing rejection to the downside. W > After bullish impulse price had dropped till demand zone of same bullish move, we can expect price to continue with drop to test demand zone again. D > Price closed last week with bearish impulse breaking daily demand zone, we can expect market to open with a small upward correction to test demand zone as resistance before continuing with its bearish move. As per COT AUD closed major Long and and few Short, reducing net positions (now in -ve). However N-R added Long and closed Short, slightly improving cumulative net position. We have seen closure of Long and addition of Short in last couple of months, making net positions move from 16K to -11K. AXY strengthened to test monthly resistance again during the said period and it further strengthened last week. AXY is testing Aug 2018 level now and we can expect some short term correction as strong bearish divergence can be seen. CAD closed Long and further added Short positions, reducing net positions, however cumulative net position with N-R has improved. CXY strengthened during the said period and after testing monthly resistance it further gained strength last week and is now testing next resistance level. We can expect correction to the downside as strong bearish divergence can be seen for CXY. Last bearish move was due to strong CAD and not because of weak AUD however now with expectation of weak AUD as well as CAD we can expect pair to continue sliding down. 4H > Price is dropping with bearish momentum breaking demand zone, wait for price to return back to test this zone now as resistance for a Short entry. Pair Correlation > AUDCAD has positive correlation with AUDCHF, AUDUSD and AUDJPY and negative correlation with EURAUD. 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 share your view or ask questions. Thank You AP17FX
Short
by AP17FX
AUDCAD - LONG; LongtermHere the upward sloping channel is indicative of the relative and ever increasing deterioration of the Royal Bank of Canada's balance sheet relative that of the Royal Bank of Australia's. - A significant and still increasing fiscal power versus new debt issuance capacity, advantage RBA. This unlikely to change anytime soon - i.e. for years if not more. Naturally this relationship remains entirely dependent on China's economic status, at any give time.
Long
by Nemo_Confidat
AUDCAD Roadmapcurrently, we are seeing price still respected and playing inside a bullish trendline channel, personally, I will wait for the price react to the 0.9554 resistance level, we need a solid price rejection on the resistance level before placing any sell order. potential downside target at 0.9440 support level **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
AUDCAD - SHORTAUDCAD is on a downward trend and is capped by the fibbo resistance around 0.9410 and the downward trend line just below that. The asset remains responsive to risk off mood which we could see play out with the current volatility that lies ahead around the US election. We saw it test the 0.9347 fibbo support a few days ago and have since bounced. I remain a seller of the rallies as I feel that the market is trading a blue wave at the moment and therefore and change of view no matter how big or small, will cause a risk off mood and this trade should come into play. I have opened a short at 0.9360, SL 0.940 (on the close) and finally a TP 1: 0.9347 TP2: 0.9303.
Short
by WhosPipsAreTheseAnyway
AUDCAD long trade idea Plan: resistance level breakout --> 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
4
AUDCAD long trade ideaPlan: resistance level breakout --> 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
6
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