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AUD/CAD Potential Upward Movement

AUD/CAD Potential Upward Movement

Key Resistance Levels: 0.94202, 0.94296, 0.94420.

Key Support Levels: 0.94096, 0.94025, 0.93906.

1-Hr Frame:

The price on the higher time frame could not continue its move to the downside and faced a strong resistance which led to the formation of the double bottom pattern in a form of a higher low. An engulfing bullish pattern has been left near the demand zone which led to a move higher.

AUD/CAD Medium-Term Trend: Bullish

Chart, histogram Description automatically generated

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a higher low formation. A lower correction could be posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 0.94108

Target Profit 1 @ 0.94202

Target Profit 2 @ 0.94296

Stop Loss @ 0.94014

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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