AUDCAD - 4H - BULLISH
Technical Analysis: AUDCAD is in a bullish trend, moving within a bullish channel on higher timeframes. Recently, it broke above the trendline, confirming the continuation of its upward movement. The pair is printing higher highs (HH) and higher lows (HL), signaling strong bullish momentum. We will look to buy at the 0.382 Fibonacci retracement level to capitalize on this trend. There is no divergence on higher timeframes, which further confirms the strength of the trend.
Seasonality: According to seasonality, AUDCAD typically remains bullish from the start of October until the end of December, aligning with the technical outlook.
Entry Strategy:
Entry Point: Buy at 0.92826 at the 0.382 Fibonacci level.
Stop Loss: Set at 0.92397, just below the last higher low (HL) in a good resistance zone to manage risk effectively.
Take Profit 1: First target at 0.93256 for initial gains.
Take Profit 2: Second target at 0.93686 for extended profit.
This strategy combines both technical signals and seasonality, aiming to take advantage of the ongoing bullish momentum in AUDCAD with clearly defined entry, stop loss, and take profit levels for effective risk management.
Seasonality: According to seasonality, AUDCAD typically remains bullish from the start of October until the end of December, aligning with the technical outlook.
Entry Strategy:
Entry Point: Buy at 0.92826 at the 0.382 Fibonacci level.
Stop Loss: Set at 0.92397, just below the last higher low (HL) in a good resistance zone to manage risk effectively.
Take Profit 1: First target at 0.93256 for initial gains.
Take Profit 2: Second target at 0.93686 for extended profit.
This strategy combines both technical signals and seasonality, aiming to take advantage of the ongoing bullish momentum in AUDCAD with clearly defined entry, stop loss, and take profit levels for effective risk management.
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