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AUDCAD Price Action Analysis – 23rd June 2017

AUDCAD is at an interesting level. The pair made a huge bearish move yesterday. However, the level that the price reached at is a huge level of support on the H4 and the Daily chart. Thus, the pair might head towards the North by offering traders long entry. Let us have a look at the H1-AUDCAD chart…

Have a look at yesterday’s hourly move. The price came down with huge pressure. The level of 0.99600 then came to play its part and acted as a level of support again. This is the support level on this pair that has been obeyed by the price repeatedly. The level of 0.99865 has been the level of resistance so far. Thus, to go long that level has to be broken. To take the long entry, the price comes back to the support level at 0.99600 again and makes a double bottom. Then, the level of resistance 0.99865 has to be breached by an hourly candle handsomely. Let us have a look at the summary of the trade…

• Buy Stop Order: 0.99900
• Stop Loss Order: 0.99500
• Take Profit Target: 1.00250
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

If we take the channel out from the chart, then it would like an ugly choppy market. However, once we draw the channel, it looks good enough to be bearish. This is what we need to do at the time of trading or analyzing the market. We have to be able to find out things that are not seen with naked eyes. The more we are able to do this, the better we get in trading.

We hope that you enjoy our Free Forex Trading Signal today: AUDCAD Price Action Analysis – 23rd June 2017 

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