A trading opportunity to Buy in AUDCADMidterm forecast:
While the price is above the support 0.9105, beginning of uptrend is expected.
We make sure when the resistance at 0.9610 breaks.
If the support at 0.9105 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
A peak is formed in daily chart at 0.9395 on 06/04/2019, so more losses to support(s) 0.9170 and minimum to Major Support (0.9105) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 32.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (0.9170 to 0.9105). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (0.9170)
Ending of entry zone (0.9105)
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 0.9225
TP2= @ 0.9310
TP3= @ 0.9395
TP4= @ 0.9480
TP5= @ 0.9610
TP6= @ 0.9775
TP7= @ 0.9915
TP8= @ 1.0090
TP9= @ 1.0350
TP10= Free
