FX:AUDCAD   Australian Dollar/Canadian Dollar
88 4 0
Maybe I want to enter a bit too soon, but this median line should serve as a good launch pad for another rally. The AUD is still very strong and the CAD is in my opinion overbought, so I find this rally just as likely as in NZDCAD             . I have indicated the safest SL for this setup, but you make it tighter, so you can get a better R:R. Seek to TP at those minor highs or even at the sliding parallel off the last one. My current TGT             is at 1.0266.
As expected, price has hit the upper border of the red channel. Now it has to gather some force to break through it. Let's see, if it does it.
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This will be an interesting trade. I know someone who is shorting AUDCAD just now due to an AB=CD completion on the daily chart, and so far price has retraced slightly, but not significantly.
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Looking at a weekly chart, we seem to be in a bullish trend, but it looks like the market is going to retrace before continuing higher. There's going to be some important data next week (CAD GDP, RBA rate decision, CAD unemployment) that might change the picture slightly. I'm choosing to sit out of this trade, but I think your analysis is sound.
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ForceFollower Vighnesh Iyer
Thank you for the constructive comment. I appreciate it. :-)
For the record, I only post high quality setups that I invest in with my real money. It's never a fancy chart, unless I state it is so. :-)
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A close-up. It's not going to be easy. First there's this channel to be beaten.
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