Evening Traders,
Today’s Analysis – AUDCAD – breaking above daily support, price is likely to put in a retest allowing for a long trade with defined risk.
Points to consider,
- Strong bull impulses
- Daily S/R flip
- Daily resistance target
- Oscillators cooling off
- 200 MA visual guide
AUDCAD’s trend has put in multiple bull impulses with no proper lower high. Daily support is a trade location where a lower high is likely, a retest will confirm an S/R flip.
The daily resistance will be an immediate target, breaking this level will be very bullish.
Oscillators are both cooling off from oversold extended conditions, remaining above 50 will maintain a bullish bias.
The 200 MA is a key visual guide, breaking and closing below will negate a bullish narrative.
Overall, in my opinion, price is likely to retest daily support for further confirmation. Holding the level will establish a lower high, the next immediate target will then be daily resistance.
What are your thoughts?
Thank you for following my work,
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
Today’s Analysis – AUDCAD – breaking above daily support, price is likely to put in a retest allowing for a long trade with defined risk.
Points to consider,
- Strong bull impulses
- Daily S/R flip
- Daily resistance target
- Oscillators cooling off
- 200 MA visual guide
AUDCAD’s trend has put in multiple bull impulses with no proper lower high. Daily support is a trade location where a lower high is likely, a retest will confirm an S/R flip.
The daily resistance will be an immediate target, breaking this level will be very bullish.
Oscillators are both cooling off from oversold extended conditions, remaining above 50 will maintain a bullish bias.
The 200 MA is a key visual guide, breaking and closing below will negate a bullish narrative.
Overall, in my opinion, price is likely to retest daily support for further confirmation. Holding the level will establish a lower high, the next immediate target will then be daily resistance.
What are your thoughts?
Thank you for following my work,
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig