RE-VISITING THE AUDCAD

Tendency: Temporary Uptrend ( Bullish)
Structure: Harmonic | AB = CD
Observation: i. Impulse A-to-B to be in harmony with the B-to-C leg.
ii. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
iii. Price completes correction of AB leg at 0.96000/0.97000 zone to form the point C.
iv. The C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance.
v. Price action rejects 0.89000/0.91000 zone to form support (DEMAND ZONE) which has not been broken since July 2019.
Trading plan: BUY with TP1 and TP2 @ 600pips and SL @ 0.88000/0.86000 zone.
Risk/Reward: 1/3.5
Potential Duration: 15 to 25 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates as price action is been monitored.


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