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Friday, February 12, 2021

AUDCAD: SHORT on this TREND CORRECTION

AUDCAD: SHORT on this TREND CORRECTION

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🟒Forex Pair:
AUD/CAD

Technical Analysis:
Since the 2nd of February 2021, the price has been moving following a clear uptrend after it got an interesting rejection on the level at about 0.97150.
During that strong movement, the price broke through the S/R zone at about 0.97900, reaching a daily zone at about 0.98600, that rejected the price many times since the end of December 2020.
It is currently re-testing the same zone and the next price action will be essential to confirm a new rejection.

πŸ”΄Conclusion:
In a long term I'd definitely see the price going up more, reaching and eventually breaking through the main resistance zone (see the chart), but right now I'm confident to see a clear rejection and a re-test of the support zone at 0.97900.
I'm looking for a good entry point to get a short position on this trade.

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⚠️
Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni



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