FxWirePro
Short

AUD/CAD forms double top – speculate with one touch vega puts

FX:AUDCAD   Australian Dollar/Canadian Dollar
173 0 3
Both Intraday and EOD             charts signal flaws in this pair that would plunge down up to 0.9599 levels.

As shown in the intraday charts, the pair forms double top with peak 1 at 0.9665, peak 2 at 0.9679 and neckline at 0.9599.

The bearish candles have been flooding from yesterday as a result of “Gravestone Doji and Spinning Top” occurred at 0.9651 and 0.9661 respectively.

The RSI oscillator signals clear selling continuation as there exists a clear downward convergence with the steep declining prices.

While strong selling pressure is on that is signaled by slow stochastic curve as %D line crossover has been maintaining even near 20 levels which is an oversold region.

We reckon that current spot FX slid below 10DMA that would drag more slumps up to 0.9599 and if it breaches of this level may expose 0.9565 or even 0.9452 areas can also not be disregarded.

Trade recommendation: On speculation basis we recommend buying one touch binary vega             puts in order to derive maximum leverage benefits. By employing these ATM binary vega             puts one can multiply the returns by twice, thrice or even pour returns unimaginably. But do remember this call is strictly on speculative grounds.

The prime merits of such one touch option spreads are high yields during high volatility plays, so one can use spreads as well when IV picks up during US sessions.

Wider spreads indicates lack of liquidity. The spreads for one touch AUD/CAD             options are constant time and barrier levels.

Usually, such binary options for every change in 1 pip the relative change in option price 0.01% or even exponential at high implied volatility times.
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