possible down side moveAUDCAD had returned to the area of resistance. So there will be possible down side move
Trade ideas
AUDCAD : Looking for great buying opportunity!AUDCAD is looking for a great buying opportunity to take the move to the upside & has the high probability to reach at the top after forming descending channel on 4h timeframe.
AUDCAD AnalysisMy Technical Analysis
1. AUDCAD broke the downtrend line on the daily timeframe and started its uptrend.
2. Price Respected the support zone on 4hr timeframe proving our buy bias.
3. Discovered a Divergence on the 1hr timeframe and price started a short term downtrend.
4. Recently Discovered another divergence on the 15min timeframe indicating a potential reversal.
5. Now waiting for market to give us conformation for entry by breaking the trendline (down) and 50 period EMA on 15min TF to continue the uptrend.
The Entry is expected to be somewhere around 0.9680 as showed on the chart.
Stop loss will be just below the Swing low / for tight stop loss - just below the 50EMA and the trendline breakout / or simply using the ATR indicator.
Take Profit Target will be the near swing high for safety / or move stop loss to break even at 1:1 RR and trail stop loss (recommended cause uptrend started on higher TFs and expected to go further).
About Myself
Hello Traders, I'm Sid a new trader in the market, started 6 months ago, did a price action / technical analysis course recently and now I'm here to practice and test my skills in real time. I'll be sharing my analysis on many forex pairs and my ideas here. Would appreciate your support (like, share, comment, etc.) and I'll see you on the next episode of Drag.... I mean Sid's Analysis.
Bye.
BUY AUDCAD- BREAK AND RETEST METHOD
- FIB ZONE CHECKED 38.2
- GOOD STRUCTURE ZONE
- TREND CHECKED
** CAREFUL WITH YOUR ENTRIES
USE PROPER RISK MANAGEMENT
Sell AUDCADGood setup marked all the structure zone.
Perfect reverse flag in D timeframe.
Let's see what market does.
Use proper risk management.
Do follow for more ideas. Thanks
usdcad 1d its shows the bullish moves and 1 d last candle show the reversl move and it will touch the support zone and then will be move on bullish move it definetly hit our targrt
💡Don't miss the great sell opportunity in AUDCADTrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (0.96430).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. AUDCAD is in a downtrend and the continuation of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 51.
Take Profits:
TP1= @ 0.95850
TP2= @ 0.95250
TP3= @ 0.94580
TP4= @ 0.93940
TP5= @ 0.93120
SL: Break Above R2
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Elliott Waves- Fibonacci divider and T1- Sell every bounceIrrespective whether its an LD or an ED . Wave 2 divides the 5 wave structure in a perfect Fibonacci divider . Its ultimate target seems to be 0.92438. T1 should be 0.94587. Regards
AUDCAD : Looking for Short Opportunity!AUDCAD is looking for short opportunity to take the move to the downside & has clear formation.
AUDCAD Bullish RSI divergence here on AUDCAD. Also sitting on weekly, daily, and H4 support. Safe long position here.
<< Next target for AUDCAD >>We're in a large WXY structure and in process to start Y with another (WXY). X turned out as an ABC running flat. C hit perfectly the 100% extension of A. Now our next target is the .618 extension of W which is the most likely target and will complete (W).
