AUDCAD - long trade opportunity

9 Jan 2023

Hi everyone :) Higher time frames suggest bullishness in the market, as the weekly price movement is above the most important moving averages of 20/50/200. The trade has the potential to move around 40 pips before it has to face the daily resistance zone. On the 4-hour, we are currently attempting to form a bullish engulfing candlestick, which indicates that the buyers are slowly stepping into the market by attempting to push it up.