Hey Guys, We may have Blue or Red: Blue: More downtrend. Red: One more up and then have an ABC correction to sell. Watch for these moves! - Hola Chicos, Tendremos camino Azul o Rojo: Azul: Continuación de la tendencia. Rojo: Un movimiento más arriba para hacer una corrección ABC y después caer. Estad al tanto! Carlos
Oil has taken a beating recently, so the CAD has suffered a tad. I am long AUDCAD until oil starts to make a recover (seems like it wants to starting now, make no mistake oil WILL come up again, it's just a matter of when) - So I am long AUDCAD until oil starts to turn around. Target 1.017 - Stop Loss - 1.01 https://www.tradingview.com/x/EPhfZvIL/
This week we have important data from AUD (interest rate decision) on Tuesday, followed by important data from CAD later that day. Forecast is a stronger AUD. First false move lower on unchanged interest rate decision, then move higher on CAD data. Alternative view: https://charts.mql5.com/13/993/audcad-h1-oanda-division4-forecast-this-week-move-higher.png
Market price is approaching a resistance level and momentum is reaching a resistance level as well. As long as market price stays below 1.007 and momentum stays below .004 area this is a safe trade. If momentum breaks above the resistance level I have in place the trade would no longer be safe and should be possibly closed as it could open up room for a bullish move.