AUDCAD: 0.94000 Key Resistance and How to Trade
Australian Dollar/Canadian Dollar FX:AUDCAD
The price reached 0.94000 resistance zone , and buyers can’t continue the uptrend. We see a consolidation that will be changed by a new upward or downward movement.
If the price breaks 0.94000 resistance and the local swing high, it will be a bullish signal. Stop orders must be placed below SMA100. The main profit target should be at the next round number level.
If the price can break the support zone formed by SMA50 and SMA100, it will be a bearish signal. We should expect a correction movement in the bullish trend . It will be possible to open short trades with stop orders above 0.94000 and the local swing high. The main profit target should be at SMA200 and 0.92500 support level .
Risk per trade must be no more than 1-2% from the trading capital.
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This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov