Lingrid | AUDCAD long from the SUPPORT level

9 thg 7, 2024

The price perfectly fulfills my last idea. It fell from resistance zone and hit the target. AUDCAD is updating its swing highs and higher lows, indicating a strong uptrend. The price broke and confirmed above the range, which formed a clear triangle pattern. Following the impulse move upwards, the price is now pulling back to retest the support level at 0.91600, which has proven significant multiple times in the past. Given this bounce-off support, it's likely that the market will continue moving upwards towards the next resistance level. Therefore, I expect a breakout and retest scenario to unfold. My target is the resistance at 0.92300

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻