The counter has crossed two critical levels.
One- the major support level of 0.89550 and the other is the critical resistance level of 0.89960.
Now the broken levels can cushion the price action and push the price to higher levels.
There's a very old and strong support level which seems to be respecting. As the weekly and daily trend is downtrend, I would suggest not to expect a very high target. But surely its a long for me. Any ideas and suggestions are welcome.
0.8898 is our pivot point.
Our preference:
rebound.
Alternative scenario:
the downside breakout of 0.8898 would call for 0.8877 and 0.8865.
Comment:
the RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero levels to trigger further gains. Moreover, the pair stands above its 20 MA (0.8912) but...
AUDCAD right Following Down Channel pattern You can try to Buy After Break of the Channel pattern you can But Take profit on previous High point and Stop area below the previous low.
We need to wait for a breakout then think to buy and use Take profit and Stop loss.
Note: This is only for Educational Purpose this is not Investment advice.
Thanks
Sk Khan
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.9020). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. AUDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
AUD CAD has formed a Triangle pattern in Daily time frame.
But, what's interesting is that, although it's trading inside a Triangle pattern, it has indicated that the Price has a higher chance of going up.
The Price broke over a Strong Round number, 0.9000 Resistance a week ago, and it managed to sustain over that strong range.
So, a breakout over the...
