AUDCAD opportunity

Good Evening Dynamic Traders,

The Euro 123886 failed last week after a 200 ish pip retreat, the buyers were strong in the market and price made further bullish moves. Price is now approaching the 1.50 mark and previous resistance confidently but will the buyers outweigh the sellers again?

Crude oil has also been very bullish. At the time of posting last, price was at 7400 and is now over 400 pips higher. Well done to those who took the trade.

Below is the daily chart for the AUDCAD. Price is toying with a previous resistance, a RN and a possible DT if it fails to break through. If however, the bulls win the game, we will have a BOB and an opportunity to apply ESLT to enter a trade with the trend. One word of caution I would like to add is that a glance at the weekly chart is required as price is in very close proximity to a Fib reversal level.














Good Trading!
Bijal Shah