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CANADIAN DOLLAR / AUSTRALIAN DOLLAR

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CADAUD trade ideas

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