AUD/CAD Multi-Timeframe analysis (08/03/2021)

Hi Traders

AUD/CAD Multi-Timeframe analysis (08/03/2021)

H1 Chart (Strong Down)

The market is approaching the resistance at 0.97252 . We are waiting to see reversal signals in order to reinstate SHORT positions. Next important resistance is the 0.98225 level.

Support & Resistance
0.97016 0.97252
0.96877 0.98225
0.96641 0.98733

H4 Chart (Bearish)

Target 1 at 0.97224 has been reached. We closed 50% of our position and have moved the stop loss at the lock-in-profits level at 0.98522 . Provided the market conditions will remain the same Target 2 will be reached soon.

Support & Resistance
0.98208 0.98711
0.97874 0.98975
0.97224 0.99371

Daily Chart (Neutral)

Conflicting technical signals are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop.

Support & Resistance
0.97057 0.97130
0.96164 0.98993
0.95483 0.99921

Weekly Chart (Strong Up)

Waiting for a retracement lower towards the 0.96954 support level, in order to reinstate LONG positions. Next important support is the 0.92464 level.

Support & Resistance
0.96954 0.99921
0.92464 1.04093
0.91493 1.11412