AUDCAD Bullish Cypher And Potential Long Opportunity
Pair / Instrument: AUDAD
Time Frame: H4
The trend in the Timeframe: NEUTRAL
The trend in the Daily Chart: NEUTRAL
Description: Testing the support zone. Bullish Cypher completed at 0.97050 and Bullish Shark will be completed at 0.96800.
Trade Based On: Support and Bullish Harmonic Patterns
Stop Loss: 0.96500
Take Profit 1: 0.97400
Take Profit 2: 0.97800
Extended Target: 0.98200
Update: We reached the first target. Close 50% of the positions and move SL to entry. Add long if the price breaks above 0.97600
Update 2: TP2 Reached and trade closed with 75 pips
Notes: Wednesday Asia Session Australia Q2 CPI will be released. Risk of high volatility.
You can follow the trade: AUDCAD Trade Idea
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
AUDCAD Trade Idea Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility