$AUDCAD Price and Technical Analysis

Is it reasonable to slowly shift to other currencies when DXY and dollar pairs in the market reach their peaks?

Is it reasonable to slowly shift to other currencies when DXY and dollar pairs in the market reach their peaks?

As DXY (Dollar Index) hit its bottom recently, we have witnessed strong uptrends in dollar pairs in both crypto and global markets. Some traders who could not benefit from this rally have already started to shift to other currencies, such as AUDCAD.

When we look at the 6-hour chart of the Australian Dollar and Canadian Dollar pair, we see a regular range structure. I believe that the first resistance level that could seriously encounter the price with selling pressure is the $0.904 level. We can also describe this level as a key level.

In the event of a possible pullback, the first support level that I expect to come is the $0.895 level. If the price visits this area, I plan to take a scalp long position in AUDCAD with a tight stop loss and low risk.

If the drop deepens and the price reaches the green box (safe buy zone) that I have determined, my risk appetite will increase. If it reaches the green box, I plan to describe this area as a risk-taking zone and take a swing long position with a 0.3% stop distance.

We use PrimeXBT exchange on FX transactions.

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