Hi Traders! AUDCAD bullish convergence creates buy opportunity for us. A detailed analysis of this setup is as follows:
AUDCAD Weekly Chart:
On the weekly chart the highs and lows has reached the same support and resistance zone creating a range for us and the price is moving inside this range. At the moment the price is currently at the middle of this range. We may also notice that the price has respected the previous spike.
AUDCAD Daily Chart:
On the daily chart we have a classical setup that has formed with the price forming a bullish divergence and this bullish divergence is followed by bullish convergence. Hence as per the book scenario we might now be looking for pullbacks and buys.
AUDCAD H4 Chart:
On the H4 chart we have double waves down, now the price is pushing lower, I would look for the price to move higher and the downtrend line to be broken first as a confirmation for the bullish momentum. Once that happens we can join the bulls.
If the price moves lower and creates another double wave down with a bullish divergence to form we can then look for the next trend line to be broken in order to join the bulls.
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