AUD made a comeback against CAD but intraweek trading is already showing signs for a price pullback. AUDCAD is likely to continue higher after the incoming correction.

As a result, my August 14’s long trade has exited in profit after holding for 6 days and 2 hours:

https://www.finlogix.com/analysis/20240814/audcad-intraday-analysis-and-trading-plan-for-august-14-2024

An updated overall record of 1 win and 3 losses.

There are 2 remaining 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 Long-Legged Semi Doji now a Green Long Lower Shadow

Monthly Candle: Still a Green Long Lower Shadow since last check but with a Medium Body

Weekly Candle: Previous close is a Green Spinning Top current is a Green Shaven Bottom

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

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

Per my previous call, the retracement’s 78.60% fib area was targeted in this week’s swing high but intraday’s price action has pulled back already.

I'm seeing a correction on this up wave first because AUDCAD’s current price is now a premium array.

Unless we see a sudden upswing move to nullify this latest local swing high region, then July 15’s external high is likely to be targeted.

In today’s trade plan, I would like to long AUDCAD again but not in its premium state.

Best is to set a limit buy order back to the retracement’s broken 61.80% fib level as a worthy area.

Although risky, I will put a closer stop loss some pips below it while aiming to take profit at the 78.60% fib level again.

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 August 21, 2024

Aug 21 2024

Stop Loss -0.44%

Holding time 10hr

0.91036

Entry price

0.90632

Stop loss price

1