AUDCAD technical breakdown
Audcad technical analysis for the week of January 3rd – January 7th 2022.
AUDCAD 1D Key takeaways:
- AUDCAD has been in a downtrend on the daily time frame which could serve as a strong variable for confluence.
- The stochastic shows that the market was recently over extended and is likely to push down and continue is downward push.
- Market price bounces off the resistance (red area) for the third time with strong bearish momentum.
AUDCAD 4H key takeaways:
- The stochastic on the H4 is showing an oversold condition. However since the daily stochastic is point downwards, there’s a high probability that a H4 retracement is inbound.
- The retracement may either end at the previous low broken (blue area) and then push down or go all the way back to where it was coming from for another (red area) retest.
AUDCAD 1H key takeways:
- Price may fail to reach the previous H4 low to do a successful retest, but instead reverse at the H1 low in the form of a complex retracement.
Positions can be presented at all of the colored areas (yellow, blue and red) but its best to have your stop loss above the red area.
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