AUDUSD Long Alert Triggered : AUDCAD Back In Focus
Wed 22nd November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCAD (Primary Focus Pair)
- AUDUSD (Covered In Video)
- GBPJPY (Covered In Video)
Want me to help you level up YOUR trading ? Learn 1-2-1 with a qualified prop-trader HERE
Our Interest (pending order)/Open Interest (live position)
| AUDCAD (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.8960 | ||
| Entry Price | If Alert Is Triggered Place A Buy Stop Order At 0.8970 | ||
| Stop Loss (Min) | 0.8940 | -30 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.9030 | +60 Pips | 1 : 2 |
| Profit 2 |
AUDCAD returns to the tables for a potential long opportunity.
But before we get into AUDCAD, our alert on AUDUSD was triggered and we have placed the order which can be seen in yesterday’s post.
AUD is currently S1 on both the day and trend traders tables, this tells us that the currency is strong on both the higher and lower time frames.
CAD remains a weak currency featuring as W2 on both tables.
AUDCAD was a currency pair we had featured on the both 17th November and 20th November.
Unfortunately for us on both occasions our alerts got missed – by the spread ! That aside, it has now resurfaced on our tables for us to look for another long idea.
The Daily (D1) chart shows the price moving towards key D1 resistance highs of 0.9050 which formed on the 13th July 23.
This D1 level of resistance could be targets for buyers in both the long and short term of this market.
Moving down to the H1 chart, price has recently found support around 0.8960; this level could be an area where buyers look to reenter this instrument.
If price does retest the H1 zone of 0.8960 and forms bullish price action we could look to go long, targeting the previous D1 highs of 0.9030 formed on the 21st November, and key D1 resistance of 0.9050.
Want me to help you level up YOUR trading ? Learn 1-2-1 with a qualified prop-trader HERE
Primary Focus Pair Chart:
Technical Observations:
- AUD is S1 and CAD is W2 on the day traders table.
- Price of AUDCAD has formed minor support at 0.8960.
- Buyers could target key highs 0.9050.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
