Hi guys, with a new week ahead i want to share with you this interesting situation on AUDCAD. On the daily chart we are now testing a key structure level: as we approach that level i go on lower timeframes in order to catch an additional confirmation of the upward reaction move. As you can see on the chart i found different clues supporting my view. At first, there are two adavnced pattern formations (Bat, Cypher) already completed at this level. Then, we also have a nice oversold condition on the RSI and price has just touched the 1.618 extension of the previous downward move and the 382 retracement of the daily impulsive move. So, these are the reasons that make me think it could be a nice spot in order to seek for long opportunities, such as double bottoms, engulfings, pinbar and so on. If you want to be updated, follow me.
For any questions, feel free to comment below. Otherwise, see you in the next chart!
Its frustrating to see that with all the technicals supporting a bullish setup. Its still going down -____-
Roker1
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@Jamal92, i know trading sometimes is like this, but we cannot act impulsively. I've done my technical analysis and i've outlined my reversal zone. Price never gave me a reverse signal, for my view i kinda saved my money by not rushing to buying with all these clues together. Price action is the MOST important thing here. Always keep in mind that. Ready for the next trade now!
Glendoonie
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@Roker1, Yes, and it's stil going down. I am in it for the buy at 1.00746, TP 1.02000. This is going to take AGES to get there, if it gets there.