AUDCAD Remains In Focus For Buyers
Mon 20th November 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- AUDCAD (Primary Focus Pair)
- AUDUSD (Covered In Video)
- NZDCAD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
We featured AUDCAD as our primary focus currency pair on Friday.
Our alert was set on AUDCAD at 0.8900 but price turned before triggering the alert.
AUDCAD remains to be our primary focus pair as price looks to target the key daily (D1) swing highs of 0.9050 formed on 14th July.
AUD tops the day traders tables as S1 and CAD is W2.
Moving down to the H4 time frame we can see price found resistance at 0.8940 before the price breached and traded higher.
This H4 resistance of 0.8940 could act as support going forward.
If price reaches this level buyers may consider a long in line with the upward trend.
Our H1 chart shows the H1 50 moving average around the 0.8940 zone, this could add confluence to a long, if the price could reject or close above the H1 50MA after a retest.
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