Next up, AUD/CAD:
The best way to describe what I see on the daily chart is “unfinished business.”
1. Price did not go all the way up to touch the 20 SMA. Maybe it will try that again.
2. I drew a red line at the level of the inner lower band. Below that, I’m looking for bearish moves.
3. RSI also did not “finish” it’s move upward to the 50 Line.
4 Hour chart:
1. I like the space between the two Combo Lines. I could imagine getting several back and forth trades in there for awhile, with 95 pips of room still in there.
2. Possibly, RSI and MACD histogram are re-loading momentum. If RSI pulls back up above the 50-line, I will be looking to buy this pair, targeting 30 to 50 pips in between the Combo Lines.
3. If MACD histo returns to 0-line, it could go either way from there. I will be looking for momentum to begin up or down. If it does begin to go up again, I’m ready with a buy in between the Combo Lines.
1. Buy if/when RSI goes back over 50.
2. Sell below recent low (blue line) about 1.0345.