Watch out for more slumps in AUD/CAD after whipsaws

FX:AUDCAD   Australian Dollar/Canadian Dollar
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Watch out for more slumps in AUD/CAD after whipsaws – Add leverage trade via Asset-or-nothing binaries:

Whipsaw pattern in the recent price behaviour of AUDCAD has been evidenced (see rectangular shaped area).

Well, contemplating previous upswings prior to this pattern, more slumps are likely after whipsaws slid below DMAs and support @ 0.9823 mark.

While, MACD's bearish crossover below zero level, while 7DMA crosses below 21DMA and current prices sliding below DMAs are suggestive of bear trend continuation.

On a broader perspective, bulls rejected at the resistance of 1.0090, massive volumes formed on declining prices in non-directional trend. 

Leading oscillators are quite puzzling, while RSI , Stochs & MACD suggestive of bearish trend continuation.

RSI has been forming consistent lower lows are indicative of losing strength in last month’s upswings and for now it’s been quite indecisive at the current juncture.

Although it has taken support at 0.9808 levels, bullish momentum is not convincing on technical indicators. Since it is now facing a resistance at 0.9823 levels (previous supports).

Intraday sentiments have been little bearish , while traders on delivery basis should focus on rallies for fresh shorts as the downswings likely prolong if it doesn't hold firmly at current levels and channel resistance.

Trade tips: Well, on speculative grounds, we recommend buying asset-or-nothing-digitals in order to derive maximum profits, so select such binary options so as to make the option payoff that should be equal to the asset's price if the asset is below the strike price, otherwise the payoff is zero.

Having said that we wrap up with a concluding note, when traders buy a put with the above-mentioned arrangement and this contract is on winning move, they are given a unit of the asset, instead of a fixed amount of cash. Thus, the price of the asset at expiry determines the trader’s gain.
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