A trade idea for AUD/CAD

A trade idea for AUD/CAD

Trade idea

BUY 0.9365; TP 0.9408; SL 0.9350

It looks like AUD/CAD formed an “Inverted Head and Shoulders” pattern on D1. The candlestick on W1 is a bullish “hammer”. To place a trade, we plotted Fibonacci retracements from April-May decline. An advance above 0.9360 will open the way up to 0.94. Notice that the currency pair will meet significant resistance in the 0.9440 area (daily MAs).  

Sell trades will become relevant if the price gets back below 0.9300. 

AUDCAD 29.png

Similar

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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