Yesterday, I post the target of Crude oil around 53.20 level ( See My earlier post here> But I never expected the target to be reached in one session but that is what price action is all about.
Aud/cad is facing headwinds around 0.9420 area
As I have stated so many times in my blog that I only trade locations and failures and recent trade of crude oil future was one of the prime example of 1:30 risk reward & now I’m target Aud/cad for the next week. Below I’m posting the weekly, daily & h4 chart to clear off the doubts where we should look for PA to respond.
Price Action is already give me some clues of fake attempts to rise of demand levels below after getting rejecting from Support resistance Flips & it still require the final test of the level 0.9420 for the rally towards the low around 0.9320 which is also the structure low of the recent rally from bottom.
Prime Trading examples includes few things which are syncrhonization of the weekly, daily & h4 chart & all the price Action followed the same old techniques of failed patterns and final stop hunting towards the bullish trend which will end soon and we could see a low of 0.9070 area to be tested once again.
My stops would be around 0.9448 area & my first initial target in Aud/cad would be 0.9330 & then 0.9242
I will update the chart on Monday on most probable price Action next week.