Mixed Feelings - Australian Dollar To Canadian Dollar (AUD/CAD) – Top-Down Analysis!
Aa
Share
AUDCAD is overall bearish however, it is approaching a strong support zone in blue so we will be looking for buy setups on lower timeframes.
on H1: AUDCAD is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, AUDCAD can still trade lower inside the support zone .
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
