AUDCAD has more buying power nullifying my bearish head and shoulders call previously. Just made a fresh 14-month high today!

As a result my May 22 short trade call has popped its stop loss and marks my first loss for the cross pair:

https://www.finlogix.com/analysis/20240522/audcad-intraday-analysis-and-trading-plan-for-may-22-2024

There are no further Canadian and Australian major impact data releases this week after BOC Gov Macklem’s speech and Australia’s Employment Change and Unemployment Rate came out respectively earlier.

Re-assessing AUDCAD’s high timeframe candles:

Yearly Candle: Last check is a Green Long Lower Shadow now a Green Hammer

Monthly Candle: Both previous close and current are Green Body with Longer Head Wicks

Weekly Candle: Previous close is a Red Gravestone Doji current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Spinning Top

Note: I’m using Tradingview.com under the AUDCAD pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

So my previous bearish Head and Shoulders pattern has failed terribly after the AUDCAD bulls performed a swing high today.

Consider this article a whole new analysis that I like to share.

April 9’s swing high plus May 10’s swing low combined have become a valid buying order block that helped AUDCAD in achieving a fresh 14-month high.

For now, it’s nice to see that a current 4H bullish FVG holds the price real well and above the 3 4H moving averages.

Let’s see if the up wave that started last April 19 can become an impulsive one with a minimum target towards March 2023 highs.

This time, I’m going to be an AUDCAD buyer.

I’ve laid out March 2023 highs and lows as my trade plan boundaries.

Opening a long position at the current 4H bullish FVG’s midpoint with a stop loss just below March 2023 low and a taking profit target a little above March 2023 high.

Hoping I’m right in what I’m seeing this time.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUDCAD Intraday Analysis and Trading Plan For June 13, 2024

Jun 13 2024

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