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AUD/CAD Potential Downward Movement

AUD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 0.8976, 0.9034, 0.9103

Key Support Levels: 0.8855, 0.8789, 0.8705

Daily Chart:

The price on the higher time frame has been in a downtrend after ir faced a rejection from the 0.9500 level. There was a good momentum and the price broke the support level 0.9103 and then another minor level of 0.8976 level and did a retest.

AUD/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price broke a support level of 0.9034 and continued the momentum. After breaking another support level of 0.8976 the price did a retest and is continuing the trend again.  

Signal Idea:

Sell Stop Order @ 0.8917

TP 1 @ 0.8852

TP 2 @ 0.8787

Stop Loss @ 0.8982

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

4 comments

  1. Most of your trades either hit SL or never reach entry price

  2. Is this trade still open?

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