AUDCAD Analysis, May 05, 2025
AUDCAD on TF M15 The chart shows a clear bullish trend. This can be seen from a series of higher highs and higher lows, as well as the price position which is consistently above the 200 Moving Average line. The price is currently experiencing a retracement after forming a new swing high. This retracement is heading towards the support zone which has previously proven to be the starting point for price spikes. This indicates that the zone has the potential to return to being a significant demand area, where buyers are likely to re-enter the market.
Wait for the price to test the green support zone again. Entry buy in the range of 0.8900 - 0.8910. Target to the resistance area at 0.8955 - 0.8965. Stop loss below the support zone, around 0.8885.