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Nov 19, 2024

Trade ideas

AUDCAD Daily Timeframe Projection

AUDUCAD – D1 Timeframe

AUDCADDaily-19-11-24.png

AUDCAD, on the daily timeframe, is currently reacting off the drop-base-rally demand zone. The trend seems bullish, as confirmed by the market structure break above the previous highs. The confluence from the 88% Fibonacci retracement level also provides a valid argument in favor of the bullish sentiment. Again, the confluences are;

  • The bullish market structure;
  • Retest of the trendline support;
  • Drop-base-rally demand zone;
  • 88% of the Fibonacci retracement.

Analyst’s Expectations: 

Direction: Bullish

Target: 0.92379

Invalidation: 0.90272

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Adetola-Freeman Ogunkunle

Author: Adetola-Freeman Ogunkunle

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