AUD/CAD Potential Upward Movement

AUD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.93462, 0.93720, 0.94000.

Key Support Levels: 0.93169, 0.92957, 0.92000.

1-Hr Chart:

The price on the higher time frame is posting higher highs and lows indicating that the trend is clearly upward. The market is bouncing inside a bullish channel formation where it managed to break the daily resistance (now support) around the 0.93169 CAD mark. A correction has been posted; this might lead to a new bullish impulsive wave toward the next key resistance level.

AUD/CAD Medium-Term Trend: Bullish

5-Mins Chart:

On the lower time frame, the pair succeeded to break the bullish flag formation to the upside after finding buyers near the 61.80% Fibonacci retracement level. A lower correction could be seen to the bespoke support before a new impulsive wave toward the targe profits.

Signal Idea:

Buy Limit Order @ 0.93166

TP 1 @ 0.93457

TP 2 @ 0.93720

Stop Loss @ 0.93021

Trade Safely 🙂