Being Long Australian Dolar proved to be quite good idea from the fall of 2013 till end of first quarter od 2014, we might getting some tips that it's time to dust off that idea. First thing is the "Carry" trade scenario, difference in the base interests rates will support buying Australian Dolar against most other currencies. AUD/CAD
looks like an decent pair to look for an entry, we've got an Flag pattern
on the daily time frame which was broken on Friday, it still needs some comfirmation in the next few days but if the price manage to get beyond 1,02 level I'd suggest that we've started 5th wave on the Up move just below the parity level at the begining of August. If that assumtion is correct then 1,07 should be the mid term level and that's nof far away if we take USD/CAD
possible reversal Long into consideration which should boost Canadian Dolar weaknes all over the currency markets. Last highs at 1,035 level should be broken to finally confirm the 5th wave scenario but there are few entry points on the way to that level. The conservative scenario is shown on the chart with entry at current price level and stops just below last swing low under 0,993 leve
. More agresive aproach would be to go long at market price with Stop Loss placed just under Fridays low at 1,009 Level and TP1 at 1,031 Level and TP2 at 1,068 Level.