Hi Traders! AUDCAD bullish opportunity forming at the moment. A detailed analysis of this buy setup is as follows:
AUDCAD D1 Chart:
On the daily chart we have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. Until the last low holds my view remains bullish here and we may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
AUDCAD H1 Chart:
On the H1 chart we have a good uptrend line that has formed and the price is respecting this dynamic support so far. Currently it looks like a pullback is happening, we may now expect this pullback to happen towards this uptrend line and then we may start looking for buys with more bullish evidences. In other words we may now look for pullbacks and buys with bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Not sure how to spot reversals (bounces)? Not sure how to spot breakouts?
I invite you to join me in my live trading rooms, on daily basis, and improve your trading with us.
Also you can get one of my strategies free of charge. You will find all the details here
Chief Trader at Traders Academy Club