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AUDCAD finds Support at psychological level of 1.0000

Price turns at Support of 1.0000

AUDCAD turns after finding Support at 1.0000

AUDCAD turns after finding Support at 1.0000

  • Month to Month price is still printing an Up.
  • Previously there was a Head & Shoulders pattern which caused price to turn down.
  • However price was unable to break below the strong psychological level of 1.0000 and saw this as a support.
  • With price now turning up, this could indicated a possible dead cat bounce scenario (failure of HS pattern)

Upflow with 1234 can be seen on D1 charts

1234 pattern can be seen on the D1 charts of AUDCAD

1234 pattern can be seen on the D1 charts of AUDCAD

  • On the D1 charts, a 1234 can also be seen.
  • Take note that there is a confluence of resistance at F6 and a previous year high. This would make a natural area for trade management.

WRMB can also be seen on the H4 charts

Possible WRMB can be seen on the H4 charts of AUDCAD

Possible WRMB can be seen on the H4 charts of AUDCAD

  • On the H4 charts, a WRMB is forming pending a close above the recent H4 boxes low
  • Also if price closes as a H4 bullish expansion this week, this would meet a H4R criteria
  • If price can D1 closes above 10160 (which is april low), then next r at 10280-90 (levels by Binni)

 

 

 

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