Today, we're keeping a close eye on a potential long opportunity in the FX:AUDCAD currency pair. Let's dive into the analysis:
📈 Upward Trend: The overall trend for this pair is in an upward direction, and it has been moving within an ascending parallel channel.
🛠️ Support Break: However, a noteworthy event has occurred - the support within the parallel channel has been breached.
📉 Lower Lows: Prior to the support break, AUDCAD was forming lower lows, signaling a potential shift.
🤔 Assessing the Situation: Now, there's a support level beneath the ascending channel, creating a possibility for a fakeout before a potential upward move.
❗ Caution: It's essential to acknowledge the risk involved. There's only a limited chance of success as this level has been previously tested.
💡 Wait for Confirmation: We should exercise patience and await a confirmation candle before making a decision. This is a critical step in risk management.
📌 Stay Informed: I'll keep you posted on whether it's a viable entry or not once we have the confirmation candle. Stay tuned!
Still I didn’t any confirmation to go long. The price is continuously going downside. This is a tested level. So, we’ve to be very careful about entry.
AlphaTradingStation
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Exited with small profit
GlobalHorns
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I am hold a short bias AUD for the next 1-3 weeks but currently waiting for an entry.
AlphaTradingStation
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@GlobalHorns currently I can see the up move till 0.88400 to 0.88600. If there’s proper buying pressure seen in the market, then we can expect till 0.89100. But the only problem is, there’s a SMA200 at 0.88500 in the DTF. May I know in which TF you’re holding the short position?