AUD/CAD long entry at support

The pair has been correcting for a long time and has now come to key pivot level on the hourly timeframe. This level has acted as support earlier after the breakout and with the pair so oversold a bounce at the first touch is a high probability. An exhaustion candle on the downside also seems to be forming which is generally indicative that some mean reversion in the pair is in the offing. Hence the bounce and the long entry looks like a good probability trade.

Kommentera:

entry at 0.8912

Kommentera:

target 0.8941

Kommentera:

Target hit, for some it may have missed due to the spread, best to exit once and take the profits. we can always enter again on retracement.