Hi Traders! We have AUDCAD buy idea from the bottom of the channel. A detailed analysis of this bullish opportunity is as follows:
AUDCAD H4 Chart:
On the H4 chart the price is moving inside a channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. We also have a critical zone that has formed which coincides with the bottom of this channel. The price which is respecting this channel so far has currently reached the bottom of it, if we didn’t get a valid breakout here we may then expect the price to respect this bottom of the channel and move higher again. In addition to this we also have a bullish hidden divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for more bullish evidences on lower timeframes in order to start looking for buys.
AUDCAD H1 Chart:
On the H1 chart we have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for more evidences of bullish pressure in order to join the bulls.
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.
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