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 July 26’s long trade has exited in another loss after holding for 2 days and 4 hours:

https://www.finlogix.com/analysis/20240726/audcad-intraday-analysis-and-trading-plan-for-july-26-2024

An updated overall record of no win and 3 losses.

There are 3 remaining high impact economic reports in Australia while none in Canada this week.

Re-assessing AUDCAD’s high timeframe candles:

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

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

Weekly Candle: Previous close is a Red Long-Legged Semi 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 Long-Legged Semi Doji

In today’s analysis, I will be using July 15 - August 5 swing high to love moves as the retracement points of view.

This retracement depicts a complete down wave after an initial sharp correction in mid July that over extended till the first week of August.

Since then, AUDCAD prints a series of higher lows reclaiming the fully retraced May 2-6 daily FVG now acting as a bullish order block based from August 12’s backtest.

The cross pair is currently facing the 0.91 internal resistance and I like to bet that the current consolidating range is likely to push to the upside.

Otherwise, a failure may retest the 38.20% fib level.

In today’s trade plan, I would like to long AUDCAD again relying on the AUD’s comeback.

With a similar entry previously, I like to target the retracement’s 78.60% as take profit while putting a stop loss just a few points above the 38.20% fib level. 

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

Let’s see if I can pull off a win finally.

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

AUDCAD Intraday Analysis and Trading Plan For August 14, 2024

Aug 14 2024

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