AUDCAD’s May 2-6 daily bullish FVG has come to the rescue to halt a 9 trading day rotting from a sharp turnover in Mid July!

As a result, my June 13’s long trade has exited in another loss after holding for 41 days and 20 hours:

https://www.finlogix.com/analysis/20240613/audcad-intraday-analysis-and-trading-plan-for-june-13-2024

An updated overall record of no win and 2 losses.

There are no further high impact economic reports in Canada while none in Australia this week.

Re-assessing AUDCAD’s high timeframe candles:

Yearly Candle: Last check is a Green Hammer now a Green Long-Legged Doji

Monthly Candle: Previous close is a Red Long Upper Shadow current is a Green Long Upper Shadow

Weekly Candle: Previous close is a Red Shaven Bottom current is a Red Body with a Longer Tail Wick

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

Indeed a sharp turn-over has occurred in mid July strongly reversing the up trend last June 25 to July 15 as my retracement points of view as well.

In light of this, assuming this week's low is a sell side liquidity sweep, AUDCAD goes up from here in line with the daily bullish FVG.

The buyers just need to close the intraweek above the crucial 0.9050 level to back my bullish recovery thesis.

Unless terrible more selling occurs to end this week, the bearish 1.618 fib extension level where the 0.8925 level awaits where personally I don’t like to happen.

In today’s trade plan, I maintain myself as an AUDCAD buyer.

I like to open a limit order some few pips below the 0.9050 support in hopes this level holds till next week where also August opening comes in.

My stop loss is strictly placed at 0.90 level only where the only risk I can afford while taking profit is 0.9140.

Here are the long setup to play this scenario:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

AUDCAD Intraday Analysis and Trading Plan For July 26, 2024

Jul 26 2024

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