Although I prefer trading the shorter time frames like 1d, 4h, and 1h - it always helps to know the overall situation.
AUDCAD has been ranging between 1.0350 and 0.9170 for many years now on the weekly chart, and on the time frames I just mentioned, this provides opportunities to trade the trend up and down to and from the zones above.
So I mapped out the most likely price movements based on what has happened in the past.
Notice that most recently, price has formed a low, high, HL, HH, HL, and is now possibly forming a HH. (beginning at the first vert. line)
From here, I think AUDCAD will rise to 1.0340. If price failed to make another HL and instead print a bearish weekly candle at the 1.0350 zone, we will see price head to parity 1.0000, and then possibly lower.
Learn to read the markets and you will be successful.
AUDCAD has been ranging between 1.0350 and 0.9170 for many years now on the weekly chart, and on the time frames I just mentioned, this provides opportunities to trade the trend up and down to and from the zones above.
So I mapped out the most likely price movements based on what has happened in the past.
Notice that most recently, price has formed a low, high, HL, HH, HL, and is now possibly forming a HH. (beginning at the first vert. line)
From here, I think AUDCAD will rise to 1.0340. If price failed to make another HL and instead print a bearish weekly candle at the 1.0350 zone, we will see price head to parity 1.0000, and then possibly lower.
Learn to read the markets and you will be successful.