SamKent
Long

AUD/CAD: Weekly Discussion for the Week of Jan. 4- Jan. 9

FX:AUDCAD   Australian Dollar/Canadian Dollar
201 4 4
The AUD/CAD             is looking to have some upside potential for the coming week. After down-trending for a while, the pair has posted a bullish engulfing on the weekly at a supportive level, following last week’s weekly doji . Weekly candlestick patterns generally carry some significant weight, especially when arriving at a weekly support&resistance zone. Looking at the structure of the move higher on the 4H chart, we can see the pair broke the EMA band on the back of some impulsive looking candles. Currently, we’re looking for a slight correction back to the EMA or FIB area, for us to long the pair in expectation of another bullish week.
Can you share the levels you think it's advisable to enter a long.
Reply
SamKent ghuri
I would not advise having an entry level at this point, in my view it's better to see how the trading week begins on the 4H, follow price action, and look for some bullish signal somewhere around the supportive zones I outlined, these zones are dynamic levels. The main thing is, trade with the flow of the market on the weekly chart, which in this case is bullish, and you should do fine.
Reply
ghuri SamKent
I like everything about this trade, fundamentally Canada economy looks weak compared to AU, positive swap, oil prices crashiing, this should definitely favor the long side, will see the FIB extensions and price movements. Thanks for the tip
+1 Reply
Where do you foresee the levels to book profits on? Agree that AUDCAD is shaping up for a bullish week. Got in at 0.949 and got another pending at 0.939, looking to exit near 0.971 for now.
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