AUDCAD (8H) — Technical Bias: Bullish continuation (buy-the-dip)
Structure: Clean breakout from the prior range with a strong impulse candle; price left a fair value gap (FVG) / breakout gap above the old resistance. Expect a retest into that FVG then continuation.
Momentum/Flow: Rising volume on the breakout and RSI turning up → supports trend extension rather than immediate reversal.
Liquidity/Supply: First objective is the overhead supply zone you marked; path of least resistance is up unless the breakout fails.
Trading implication (level-free):
Favor pullbacks into the FVG/previous resistance and look for a bullish reaction (HL + strong close) to join the move.
Invalidate/neutralize bias on an 8H close back inside the broken range or a loss of the breakout swing-low (failed breakout/fakeout scenario).
Optional filter: wait for lower TFs (5–15–30m) to realign bullish after the pullback for higher quality entries.
Structure: Clean breakout from the prior range with a strong impulse candle; price left a fair value gap (FVG) / breakout gap above the old resistance. Expect a retest into that FVG then continuation.
Momentum/Flow: Rising volume on the breakout and RSI turning up → supports trend extension rather than immediate reversal.
Liquidity/Supply: First objective is the overhead supply zone you marked; path of least resistance is up unless the breakout fails.
Trading implication (level-free):
Favor pullbacks into the FVG/previous resistance and look for a bullish reaction (HL + strong close) to join the move.
Invalidate/neutralize bias on an 8H close back inside the broken range or a loss of the breakout swing-low (failed breakout/fakeout scenario).
Optional filter: wait for lower TFs (5–15–30m) to realign bullish after the pullback for higher quality entries.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.