AUDCAD - Trend-Following Buy Setup!

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Hello everyone, if you like the idea, do not forget to support with a like and follow.

As per my previous analysis (attached below), AUDCAD broke above our inverse head and shoulders neckline and it is now retesting it, so we will be looking for trend-following buy setups on lower timeframes.

on H1: AUDCAD is forming a channel in blue but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)

Meanwhile, until the buy is activated, AUDCAD would be overall bearish can still trade lower till the green support. In this case we will be looking for new buy setups to form.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

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