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AUD/CAD Potential Upward Movement

AUD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.92445, 0.92707, 0.92822.

Key Support Levels: 0.92037, 0.91897, 0.91680.

1-Hr Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after posting a double bottom formation which led to a reversal. the market as well managed to break the resistance level (now support) around the 0.92049 CAD mark. This could lead to a further move to the upside.

AUD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bullish flag formation to the upside after finding buyers around the 50% Fibonacci retracement level. A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 0.92049

TP 1 @ 0.92445

TP 2 @ 0.92707

Stop Loss @ 0.91851

Trade Safely 🙂

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.

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