AUDCAD is trapped in a Channel Up formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 0.9109 is expected in the short term.
Related Posts
AUDJPY is currently testing a level of 91.4090. Will the breakout continue or will things reverse?
AUDJPY has breached the resistance line at 91.4090. It may continue the bullish trend towards 93.0515, or, it…
Could a large bearish move on EURGBP be a sign of things to come?
For those of you that don’t believe in trends, this may be an opportunity to take advantage of…
After testing the resistance line numerous times, EURCHF is once again approaching this line. Can we expect a bullish trend to follow?
Emerging Channel Up pattern in its final wave was identified on the EURCHF 1 hour chart. After a…