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AUD/CAD Potential Upward Movement

AUD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 0.9274, 0.93169, 0.94000.

Key Support Levels: 0.92436, 0.92223, 0.92000.

Daily Chart:

The price on the higher time frame broke the descending channel to the upside after the Wyckoff accumulation phase. We have seen higher highs and lows which led to a break of the key resistance line (now support). We expect further movement to the upside toward the next key resistance zone.

AUD/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair showed an inverse head and shoulders which indicates a potential end of the pullback. A lower correction is expected before a new impulsive wave toward the target profits.

Signal Idea:

Buy Limit Order @ 0.92435

TP 1 @ 0.92723

TP 2 @ 0.93169

Stop Loss @ 0.92289

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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