AUDCAD: Trend Reversal and Buy Opportunity

The price reached the support zone at 0.89000 level. We got a trend reversal signal based on a double bullish divergence. MACD lines support a possible upward movement. RSI confirmed the price reversal. DMI is bearish, but ADX line starts falling. It tells us that sellers are not so strong. We have a buy opportunity. If the price breaks the local downtrend line, it will be possible to open long positions.

Entry Price: above 0.89200
Stop Level: below 0.88950
Profit Level: at 0.89650

Risk per trade must be no more than 1% of your capital. If the price reaches 0.89400 level, it will be possible to move stop orders to breakeven.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.