Audcadlong
Long AUDCADThis pair was in an uptrend until it got range bound about 2 months ago. These s/r zones that I have marked have shown their relevance several times already and price is being held by the lower one again. Also see the H4 view in my chart below.
A long trade here provides an excellent R/R.
Please use sound risk and money management in all your trades.
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AUDCAD ON A CHANNEL// DAILY TIME FRAME AUDCAD
The price is currently on a channel on a daily chart and I consider that the price will respect the purple line and go back up again to touch the red dotted line near level 0.96263.
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El precio esta de momento en un canal en la temporalidad diaria y considero que el precio respetara la zona morada punteada como un piso y volverá a subir para tocar la linea punteada roja y la linea de tendencia morada cerca del nivel 0.96263.
AUD/CAD Technical Analysis
The counter is currently trading around a strong resistance zone that triggered a sell-off previously.
According to the wave, it has now completed the ABC correction for the down move it made.
Further, the entire setup looks like a head and shoulder in the higher timeframes.
Hence, we expect the pair to move down from here.
AUD_CAD STRUCTURE LONG|TRADING PLAN
BIG picture
AUD_CAD IS TRYING TO BREAK THE RESISTANCE BEING IN A TRIANGLE AT THE CHANNELS END|
(1) Either wiggle in the triangle OR straight upwards.
(2) After breakout>>> LONG after pullback.
(3) Targets on the chart.
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AUDCAD LONG PRICE ACTION FORECAST The price action has found support from the ascending trendline, leading to an uptrend bias. Now, expecting a retest before bullish continuation is feasible to place a long entry at the confluence zone. The ascending trendline meets the supply zone and encounters the Fibonacci level 6.18 for the entry-level.
The order:
Type: buy-limit
S/L: 22 pips - R:R | 1:2.5 -
T/P: previous resistance level
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