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AUDCAD trade ideas

AUDCAD: A Two-Step Short StrategyThe AUDCAD currency pair offers intriguing opportunities for traders looking to capitalize on potential short setups. As we analyze current market conditions, we can identify two distinct scenarios for entering a short position. This article outlines these setups and the conditions under which each becomes relevant. Setup 1: Initial Resistance Level (0.92056 ~ 0.93314) Current Market Overview The AUDCAD may approach a critical resistance level soon. This level has historically shown strong price rejection, and if it continues to hold, it could provide a prime opportunity for a short position. The resistance level in question is situated around , where price action has previously faced significant selling pressure. Trade Setup Entry Point: If the price fails to break above the resistance level and starts to show signs of weakness, a short position can be initiated. Given that this setup hinges on the resistance holding firm, it’s crucial to monitor price action closely. If the resistance level is breached, consider transitioning to Setup 2. Setup 2: Post-Breakout Strategy Market Context In the event that the price breaks above the initial resistance level, this would indicate a potential bullish shift. However, if the breakout is followed by a false move or if the price starts to consolidate around the new resistance level, a new short opportunity may emerge. Trade Setup Entry Point: Watch for signs of a bearish reversal after the breakout. This could include a rejection at the new resistance level or a bearish candlestick pattern forming. Conclusion Trading the AUDCAD involves careful observation and adaptability. The initial resistance level provides a clear point for a potential short trade, while the secondary setup comes into play if the price breaks above this resistance. By staying vigilant and employing disciplined risk management, you can effectively navigate these trade setups and potentially capitalize on the movements in the AUDCAD pair. As always, ensure to perform your own analysis and adjust your strategy based on the latest market conditions. Happy trading!
Short
by FxInvenstmentTM
1
AUDCADHello traders, let's look at AUDCAD - a beautiful trade that has taken place. Simply explained - on 4H we are still in an uptrend and that means that a pullback from the high that has been made, should follow. Knowing that we can look for sell to buy set ups, with a lower risk of course. If we drop on the lower time frame, we can see the structure flip on 15 min, very high in the market. As I know my HTF bias is bullish - looking at a price, I expect, or better said - my task for a price is to come down to the first buy zone at least, while already being in a sell position. And down there, either the demand for a price will bring buyers back into the market, or the price will drop lower. What I would ideally like to see next is break of 0.91850 . A side note: As this is a counter trend trade, or reversal trade, risk is lower. Trade well, T
Short
by Tilen_FX
AUDCADThe provided chart displays the price action for the Australian Dollar / Canadian Dollar (AUD/CAD) on the 4-hour timeframe from the FXCM platform, dated June 14, 2024. Here’s a detailed analysis based on the chart: **Chart Analysis** 1. **Trend and Price Structure:** - The chart shows a general uptrend characterized by a series of Higher Highs (HH) and Higher Lows (HL). - The most recent price action indicates a potential reversal or a pullback from the latest Higher High (HH). 2. **Demand Zone:** - There is a marked demand zone around the 0.9080 - 0.9095 range. This zone has acted as a support level previously and is expected to provide buying pressure. - The price is currently hovering around this demand zone, suggesting it might act as a support again. 3. **Key Levels:** - **Higher Highs (HH):** Marked around the 0.9160 level, indicating the recent peaks. - **Higher Lows (HL):** Indicated at different points, showing the levels where the price has retraced before continuing the uptrend. 4. **Potential Price Movement:** - The price is testing the demand zone, and there are two potential scenarios: 1. **Rebound:** If the demand zone holds, the price might rebound, creating another HL before attempting to reach new HH. 2. **Breakdown:** If the demand zone fails to hold, the price might drop further, indicating a potential trend reversal or deeper correction. 5. **Candlestick Patterns:** - The current candlesticks near the demand zone should be watched closely. Bullish reversal patterns (like a bullish engulfing or hammer) might indicate a strong rebound. **Conclusion and Trading Plan:** - **Bullish Bias:** Given the overall uptrend and the presence of the demand zone, there is a bullish bias if the price respects the demand zone. - **Buy Signal:** Traders might look for buying opportunities around the current price level (0.9090), especially if there are bullish reversal candlestick patterns. - **Target Levels:** - **First Target:** Near the recent HH at 0.9160. - **Second Target:** Beyond 0.9160, aiming for new highs if the uptrend continues. - **Stop Loss:** A prudent stop loss would be just below the demand zone, around 0.9070, to manage risk in case of a breakdown. **Risk Management:** - **Entry Point:** Around the current price level (0.9090) or after confirmation of a rebound from the demand zone. - **Target:** The recent HH (0.9160) and potentially higher. - **Stop Loss:** Below 0.9070 to manage risk effectively. This analysis is based on the visual information provided by the chart. For a more comprehensive trading strategy, consider integrating other technical indicators (like RSI, MACD) and keeping an eye on fundamental factors affecting AUD and CAD.
Long
by harshkjogadia