Price has broken through an interesting level on AUDCAD. As you can see on the picture below, AUDCAD move higher and push the price higher. The level that I talking about been respected several times in the past and now become the new support level on the daily chart.
It could be debatable whether the price on AUDCAD is now on the uptrend or still on the downtrend. Since in the daily chart, we can see that price been moving lower since November 2016. But by considered the level that has been broke yesterday, I choose to consider that the price is building some uptrend momentum. On the smaller time frame, like 4-hour, we could consider that price already formed a new high. The smaller time frame will become my priority chart to start hunting for the opportunity to go long.
AUDCAD Daily chart
AUDCAD 4-hour chart
Don’t forget to see my latest trading setup on:
- EURUSD reach my second target. Total profit from 2 positions is 402 pips.
- EURGBP: open short position below the Daily Pin Bar.