AUD/CAD is going for a butterfly

AUD/CAD is going for a butterfly

Trade ideas

SELL 0.9060; TP 0.9000; SL 0.9080

BUY 0.8980; TP 0.9200; SL 0.8950

If we look at the weekly chart of AUD/CAD, it looks like the pair is forming a bullish “butterfly” harmonic pattern. In line with this pattern, it can move down to 0.8975 (50% Fibonacci retracement of the 2008-2012 advance) and then bounce targeting 0.9250 (uptrend resistance line since 2018). This consideration can form a basis for a couple of trade ideas. 

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Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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