Hi traders,
I want to highlight a shorting opportunity for AUDCAD that seems well-suited for medium to long-term traders. Earlier in April, this pair broke a significant support level that had been established throughout 2024. For any breakout to follow through, we typically see the price revisit the rising trend line, which is currently acting as resistance.
The combination of the round number at 0.90 and strong resistance above makes this pair a compelling candidate for a drop. The risk-to-reward ratio is 1 to 2, and please note that the pair recently reached just under 10 pips away from the round number at 0.90.
Trading Setup:
- Entry: 0.8962
- Stop Loss (SL): 0.9139
- Take Profit (PT): 0.8609
I wish you all the best and encourage you to check out my three previous calls on USD pairs that I’ve attached to this post.
Happy trading!
Ehsan
I want to highlight a shorting opportunity for AUDCAD that seems well-suited for medium to long-term traders. Earlier in April, this pair broke a significant support level that had been established throughout 2024. For any breakout to follow through, we typically see the price revisit the rising trend line, which is currently acting as resistance.
The combination of the round number at 0.90 and strong resistance above makes this pair a compelling candidate for a drop. The risk-to-reward ratio is 1 to 2, and please note that the pair recently reached just under 10 pips away from the round number at 0.90.
Trading Setup:
- Entry: 0.8962
- Stop Loss (SL): 0.9139
- Take Profit (PT): 0.8609
I wish you all the best and encourage you to check out my three previous calls on USD pairs that I’ve attached to this post.
Happy trading!
Ehsan
Trade active
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.