Market View and Analysis – AUDCAD

Market View and Analysis – AUDCAD

Today we will be looking back at the AUDCAD, Both pairs are heavily linked to commodity prices.

Daily Overview

To start on the daily chart, we will look at the price rejection of 0.9582 area and the 200 day moving average, focusing in on the 31st Jan we see the price fall to support of 0.9464 and yesterday we broke through that level with a fast fall. 

1 Hour Overview

We will drop all the way to the 1 hour chart and note a possible bear flag forming, with price stuck between 0.9381 and 0.9412, we need to see where price action will take us, but if the move continues lower we could see the 0.936 or 0.93.

Trade Idea

We will be looking for a Sell trade on the AUDCAD.

We will be trading a break of a lower flag support line

We will trade off the 1 hour chart.

We will have an appropriate trade size for our account! 

Our entry will be below 0.9381

Our trade will be invalidated for now with a 1 hour close above 0.942

Our stop loss will be 20 pips from entry.

Our target will be the 0.936 and 0.93

Happy Trading! 

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