Weekly forecast for AUDCAD

This week we are really close to the 0.97600 monthly S/R line, it bounced off and retested the daily 0.97950 S/R line, closing under. The price tried to go above this line but it was rejected as we can see in the wicks of previous candles, it could be a bearish signal, but we have to wait. I'll be looking to sell, my target being 0.96450, because the trend doesn't seem to have lost momentum and is following market structure nicely. If the price breaks 0.98300 S/R line, I'll consider going long because it may indicate a reversal.

We have to be on the lookout for for monday and wednesday, important news for CAD and AUD, so it may affect the market.

Kommentera:

From news yesterday we went up and broke 0.98300, now it came back down to 0.97800, it's a minor support and in the H4 looks exhausted, it may be just a retest, following market structure. I think it can go up again, meaning a reversal from bearish trend to bullish trend. I haven't entered any trades yet because the market it's too volatile because of news. If I see a clear signal I'll enter and let you know!