AUDCAD Monthly TF Perspective Analysis. Drop to 0.88000 Likely!
The main chart shows the monthly TF picture of the AUDCAD pair. Here as seen the price is confined inside a triangle which has been respected on numerous occasions. Additionally the red lines represent the nearby support and resistance levels drawn from the monthly charts.
For A SHORT scenario to take place, the price must breach the triangle and the monthly candle must convincingly close below the 0.93000 support structure. After this has happened, we should await slight retracement before taking this pair short with the potential target being 0.88000 structure level.
On the flip side, shall the triangle breach to the upside the nearby 0.98000 level would become the immediate target in this scenario!
Fundamentally its hard to predict where this pair is headed. CAD driven by the prices of OIL and AUD's economy loosing steam with trade war also pilling misery on AUD and OIL prices. Its hard to predict at the moment but as time goes and the picture becomes more clear, it will be evident enough as to where this pair is headed.
This just represents my outlook on this pair. Shall the trade criteria meet in the future i will post the details in a new post. cheers
For A SHORT scenario to take place, the price must breach the triangle and the monthly candle must convincingly close below the 0.93000 support structure. After this has happened, we should await slight retracement before taking this pair short with the potential target being 0.88000 structure level.
On the flip side, shall the triangle breach to the upside the nearby 0.98000 level would become the immediate target in this scenario!
Fundamentally its hard to predict where this pair is headed. CAD driven by the prices of OIL and AUD's economy loosing steam with trade war also pilling misery on AUD and OIL prices. Its hard to predict at the moment but as time goes and the picture becomes more clear, it will be evident enough as to where this pair is headed.
This just represents my outlook on this pair. Shall the trade criteria meet in the future i will post the details in a new post. cheers
