AUDCADBullish Indicators:
1) Double bottom
2) Support at 0.91131
Bearish Indicators:
1) LL LH
2) Downward Trend
3) Descending upper trendline
4) Resistance at 0.91752 Fib level 23.30%
Plan A: One can take long position on the breaking of descending upper trendline for the target of 0.92290.
Plan B: On the breaking of support level 0.91131 one can take short position for the target of 0.90658.
Audcadlong
AUDCAD; important decision aheadFor about four weeks now AUDCAD has been trading in a strong bearish trend. So far the price has formed a falling wedge pattern on 4H as it approaches the daily support which is also a potential demand zone.
I expect a reversal from this zone. To trade more safely I will wait for the breakout and retest of the structure.
The setup will be invalid once the price violates the highlighted support.
What is your opinion on AUDCAD?
AUDCAD Setup For Five-Wave AdvanceHi traders!
It has been a while here! :) Hope you're all doing well.
AUDCAD rally from August low unfolded as a five-wave impulse structure and it follow by a three-wave correction. The correction unfolded as a simple zigzag with an ending diagonal pattern in wave C.
According to EW theory, once a 5-3 (impulse-corrective) wave cycle is complete, the price will resume in the direction of the impulse.
In AUDCAD's case, wave C is expected to rally above wave A high in the weeks ahead. The breach of the green level will indicate that the correction is completed.
What's your view on AUDCAD? Let me know in the comment.
Thanks for reading!
AUDCAD buy ideaI have a bullish bias on AUDCAD like all other AUDxxx pairs and a bearish bias on xxxAUD pairs. This pair has broke out of the initial ending diagonal with a bullish impulse and its currently in a corrective phase with another ending diagonal. Will be looking for bullish candle formation before going long.
AUDCAD Setting Up for a 1,000 Pip Move?Hey hey.
My name is Kaci.
In this video, I complete a top down analysis of AUDCAD.
I take a bird's eye view of the longer term move in the market.
In this video, I use fibonacci retracement and extension tool to help me determine my bias.
Right now, I believe we are in a down retracement and price on the weekly has not hit one of our key levels, 38.2, 50. or 61.8.
However, price has hit an extension to the downside off of a shallow retracement.
I believe we may see a short term move to the upside before a longer term move to the downside.
What's your bias on this pair?
AUDCADlast day's price makes a significant downtrend by bouncing the resistance line down and now the price already breakout of the resistance line which means it will go uptrend. Retest has created and nice candle confirmation has created, you can see at the 1H timeframe same structure are created.