AUDCAD waiting for reversal back up
On the weekly chart we can see price is in a range: 0.91700 - 1.03500
0.96 is acting as support a couple of times as well.
Currently price is at 0.97160 so I’ve put this on my watchlist to see if price can break the down move. IF it does (break of trendline and price actions confirming higher highs and higher lows) I’l get in and set my profit target at 1.02000.
Keep in mind that if this doesn’t happen you won’t miss the trade, you’ll just have to wait to get in for an even better price.
0.96 is acting as support a couple of times as well.
Currently price is at 0.97160 so I’ve put this on my watchlist to see if price can break the down move. IF it does (break of trendline and price actions confirming higher highs and higher lows) I’l get in and set my profit target at 1.02000.
Keep in mind that if this doesn’t happen you won’t miss the trade, you’ll just have to wait to get in for an even better price.
Kommentera:
The trend is still down so wait for confirmation before going long.if the 0.95850 breaks the is room for 0.93375 and 0.91800. THis will give better entries, longer runs and more profit
Kommentera:
On the 4 hour this down move seems to have shifted to an upmove by breaking the trendline and it looks like it's starting to make higher highs and higher lows as well. This all is around a strong reaction zone so risk reward is pretty good