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AUD/CAD Potential Upward Movement

AUD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.92044, 0.92298, 0.92484.

Key Support Levels: 0.91654, 0.91530, 0.91393.

1-Hr Time Frame:

The price on the higher time frame found support around the 0.91393 CAD mark where it posted an engulfing bullish flag which led to a reversal and a move to the upside. Most probably we are in the 1st leg up in a new trend to the upside and we expect a new impulsive wave toward the next key resistance level.

AUD/CAD Medium-Term Trend: Bullish

15-Mins Time Frame:

On the lower time frame, the price is traded inside bearish channel where it posted an inverse head and shoulders at the bottom of this formation which led to the move to the upside. We could see a slight correction to the downside before a move to the upside toward the target profits.

Signal Idea:

Buy Market Order @ 0.91639

TP 1 @ 0.92044

TP 2 @ 0.92298

Stop Loss @ 0.91531

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. You will probably find that most people, including myself got stopped out last night. Was able to get back in this morning though.

    • Hello you might get stopped out because of the spread not because it reached the stop loss. I know this is annoying but traders might choose brokers that offers very low spread since we are day trading. Every pip counts. Thanks for your feedback anyway.

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