Hello and Welcome Back Guys !!
Today Posting Some Analysis on AUD/CAD
Let's go to the charts immediately,
First Chart is Weekly Chart
As per the Chart, The Pair is Still Moving Below a Long Term Falling Trendline and it is not yet able to cross the trendline. We Also See a Think Resistance line acting as a tough resistance for a long time since Past, Currently Price is trading below the Resistance line also.
Next Chart is a Daily Timeframe chart,
The Chart shows a Medium Term view, where the pair is moving above the short term rising trendline and the price is moving along the rising trendline, but at immediate short term the price is facing a Smaller term Trendline resistance, and price is moving towards the rising trendline. It may get trapped in both the trendlines for some days. in any case the Break of the Rising trendline will lead to a good fall in the price.
Next Chart shows a different picture
This chart is also a Daily Timeframe chart and it has completed the formation of Inverted Head and Shoulder Pattern which leads to Good upside and is considered as a successful pattern. According to this Chart, 1.0055 is a level which can be considered as a Neckline of the Chart Pattern, where Height of the Head to Neckline is around 730 pips. Any Breakout above the Neckline and the Longer term Trendline will lead to a Rally of 700+ pips on the Pair.
in a Flash, the Pair is facing Resistance on upside around 1.0055 and a Longer term Trendline Resistance around 1.0088 with a minor resistance at 1.01540
While below the Neckline the Pair will find supports around 0.9960 - 0.9930 - 0.9880 - 0.9780
Resistance : 1.0055 - 1.0088 - 1.1540
Support : 0.9960 - 0.9930 - 0.9880 - 0.9780
The Pair is currently stuck in a Small Range from 1.0055 to 0.9930, Break of any Level will give us Clear Direction.
As per Current Scenario, I will Recommend
SELL AUD/CAD @ 1.0010 / SL 1.0055 / TP 0.9930 - 0.9880 - 0.9780 (Must Break 0.9960-0.9930 zone)
in Alternate Scenario :
BUY AUD/CAD @ 1.0060 / SL 1.0010 / TP 1.01540 - 1.0235 - 1.0340 - 1.0510 ... For 700 pips +
Trade Cautiously and Be Alert in Switching the Trade if Price Moves against your trades. Keep Trading the Ranges given if you are a Trader.
The Move is not Expected to Happen in very short span so do not come up with questions like time frame required in the targets, etc.
The Adviser may have his Own or his Clients trading positions in the pair and a vested interest due to the trading positions. Consult your trading adviser before taking any trade or jumping in the trade. Do not over trade and always follow Strict Risk Management. The Adviser is not responsible to any potential loss occurring due to the trade, The Trading idea is given based on Technical Analysis. You may follow the Adviser on Telegram Channel https://telegram.me/fxmagician2016 , WhatsApp Entries are closed for Free Signals. Only Paid Service Members are served through WhatsApp.
