Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries AUD/CAD potential long opportunity as key resistance becomes support By: Invezz February 20, 2024 at 10:25 AM EST AUD/CAD trading strategy Buy/sell asset: Buy AUD/CADEntry price: 0.88125Stop loss: 0.87745Leverage: 1xTake profit 1: 0.88500Take profit 2: 0.89100Take profit 3: 0.89800Timeframe: 1-2 weeksMaximum profit: 1.90%Maximum loss: 0.44%AUD/CAD chart and technical analysisThe price of AUD/CAD made a considerable recovery and broke through a key resistance zone of 0.88125. The price also closed above the 0.88400 resistance level. This could mark the beginning of a bullish trend as the bullish market structure has been broken and the price is making new higher highs.Currently, the price is looking for a correction and will probably retrace back to the 0.88125 support level which previously was a strong resistance. The price could continue its rally from this price as it is around a major support level and 0.5 Fibonacci level.Moreover, the price has also formed a bullish head and shoulder pattern which is a bullish reversal pattern and indicates a bullish trend ahead. I am the 0.88125 level for long entries and my target for this trade is the 0.89800 daily resistance zone.AUD/CAD fundamental analysisFundamentally, the price of AUD/CAD is likely to remain stable as there are fewer high-impact news that could have a substantial impact on the price of AUD/CAD.However, the FOMC and the jobless data on the USD would have some impact on the price of AUD/CAD. If the data is positive for the US dollar the price of AUD/CAD will drop and if the data turns out negative for the US dollar the price of AUD/CAD will climb up.Australian dollar to Canadian dollar trade idea takeaways AUD/CAD broke and closed above a key resistance level and previous high recently.The price of AUD/CAD will possibly reach the 0.89800 resistance level in the coming days.Multiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:4.6.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post AUD/CAD potential long opportunity as key resistance becomes support appeared first on Invezz Related Stocks: Audacy Inc Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
AUD/CAD potential long opportunity as key resistance becomes support By: Invezz February 20, 2024 at 10:25 AM EST AUD/CAD trading strategy Buy/sell asset: Buy AUD/CADEntry price: 0.88125Stop loss: 0.87745Leverage: 1xTake profit 1: 0.88500Take profit 2: 0.89100Take profit 3: 0.89800Timeframe: 1-2 weeksMaximum profit: 1.90%Maximum loss: 0.44%AUD/CAD chart and technical analysisThe price of AUD/CAD made a considerable recovery and broke through a key resistance zone of 0.88125. The price also closed above the 0.88400 resistance level. This could mark the beginning of a bullish trend as the bullish market structure has been broken and the price is making new higher highs.Currently, the price is looking for a correction and will probably retrace back to the 0.88125 support level which previously was a strong resistance. The price could continue its rally from this price as it is around a major support level and 0.5 Fibonacci level.Moreover, the price has also formed a bullish head and shoulder pattern which is a bullish reversal pattern and indicates a bullish trend ahead. I am the 0.88125 level for long entries and my target for this trade is the 0.89800 daily resistance zone.AUD/CAD fundamental analysisFundamentally, the price of AUD/CAD is likely to remain stable as there are fewer high-impact news that could have a substantial impact on the price of AUD/CAD.However, the FOMC and the jobless data on the USD would have some impact on the price of AUD/CAD. If the data is positive for the US dollar the price of AUD/CAD will drop and if the data turns out negative for the US dollar the price of AUD/CAD will climb up.Australian dollar to Canadian dollar trade idea takeaways AUD/CAD broke and closed above a key resistance level and previous high recently.The price of AUD/CAD will possibly reach the 0.89800 resistance level in the coming days.Multiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:4.6.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post AUD/CAD potential long opportunity as key resistance becomes support appeared first on Invezz Related Stocks: Audacy Inc