Hi Traders! AUDCAD short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
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On the weekly chart, the price which is moving higher has broken above a strong resistance zone formed based on the volume profile zone of the KTLI indicator and after the breakout this strong resistance zone is acting as a strong support zone, we may consider this as evidence of bullish pressure. Also, the price which is moving higher has broken above the last high and has created higher highs based on the MACD indicator which is a sign of gaining momentum towards the bullish side. We may now move down to lower timeframe and see if we can find evidences supporting this short term bullish view.
On the H4 chart, we have a strong bullish momentum and also currently it looks like a correction is happening. So everything looks good for the bulls here as well. In addition to this, we have two key support zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until these two key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
AUDCAD W1(Weekly) Chart Analysis
AUDCAD H4(4 Hours) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term 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.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Arvinth Akash
Home Trader Club Team
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