AUDCAD Trades Through Key Resistance
Fri 17th November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCAD (Primary Focus Pair)
- NZDCAD (Covered In Video)
- AUDJPY (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| AUDCAD (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.8900 | ||
| Entry Price | If Alert Is Triggered Place A Buy Stop Order At 0.8910 | ||
| Stop Loss (Min) | 0.8850 | -60 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.9030 | +120 Pips | 1 : 2 |
| Profit 2 |
We are starting to see a shift in the JPY weakness currently, so we have put the brakes on looking for any JPY weakness trades as waiting for a larger time frame pullback makes more sense for now.
So any alerts and orders on the JPY currency pairs have been canceled for now.
Instead we are focusing on the CAD weakness in the market especially against the AUD strength.
CAD is W2 and AUD is S2 on the day traders table.
AUDCAD has recently traded through the D1 swing highs of 0.8900.
This former resistance level on the D1 time frame could act as support going forward.
On the H1 time frame we can see price trading above the H1 50 moving average, as well as the 0.8900 support.
If price comes back to the 0.8900 D1 support and the H1 50 moving average and rejects it to close above, it could signal a long opportunity.
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Primary Focus Pair Chart:
Technical Observations:
- AUD is S2 and CAD is W2 on the day traders table.
- Price of AUDCAD has traded through daily highs of 8900.
- This 8900 level could act as support for buyers.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
