AUDCAD analysis
At the moment the pair is testing a support level 0.95910, trend line on h4 tested.
Possible scenario.
The pair has been in an uptrend (daily and h4) and could possibly go up again to resistance level 0.97827.
If you take a closer look at the chart we could see that the par could go up to 0.96500 that could be a good profit zone.
There I would be aware of possible stop to form a second shoulder of my favourite pattern SHS.
On the contrary if the pair closes down support level 0.95910 on a daily basis we could look for the next support level 0.94341.
As long as the pair remain above our support level we look for the resistence at 0.97827.
Final note,
If the pair retest support level and reacts forming a (pin bar or engulfing) candle pattern on lower time frame such as H1 or H4 I may consider a buy.
Max
Trader at
OM-Forexhelp
Diclaimer:
This pair analysis would not be in any case a suggestion on buy or sell but just our view on the pair.
anyone is responsable for its on trade.
OM-forexhelp
Possible scenario.
The pair has been in an uptrend (daily and h4) and could possibly go up again to resistance level 0.97827.
If you take a closer look at the chart we could see that the par could go up to 0.96500 that could be a good profit zone.
There I would be aware of possible stop to form a second shoulder of my favourite pattern SHS.
On the contrary if the pair closes down support level 0.95910 on a daily basis we could look for the next support level 0.94341.
As long as the pair remain above our support level we look for the resistence at 0.97827.
Final note,
If the pair retest support level and reacts forming a (pin bar or engulfing) candle pattern on lower time frame such as H1 or H4 I may consider a buy.
Max
Trader at
OM-Forexhelp
Diclaimer:
This pair analysis would not be in any case a suggestion on buy or sell but just our view on the pair.
anyone is responsable for its on trade.
OM-forexhelp
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