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
AUDCAD failing into dynamic range once again, with a possibility of a breakout to upside delivering a continuation of this bullish IRR retrace. On the other hand a break to the downside of this pendant will give us a better indication to where we should place our entries to trade this pair.
Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 6%
Reasons for Entry: Broke through a bearish TL, and retested it and bounced successfully, so I have a bullish bias for the pair. Also just broke through a critical resistance level, and the retest of this level lines up with the 50% bullish fib. Also, the CAD index looks bearish, and AUD looks...
After a long break from trading and enjoying life i am back and ready to make them pips ! ;)
I will be buying AUD/CAD once we break 1.011445
overall i am bullish
only Risk 1% of account per trade
The AUD has performed well over the last week but with price now reaching overbought and AUDCAD approaching double resistance, we may see a decline from these levels.
Being a holiday, volumes will be down but this can lead to volatility.
We are taking a small position and SHORTING this pair from 1.0094 with a STOP at 1.0140 above all the resistance.
Hi Traders,
Price is at a previous support and resistance level which has been tested multiple times and bearish trend line confluence right at the support and resistance level after a retracement of 50%. Wait for a bearish engulfing candle and an entry can be made when the markets open after weekend.
The targets can be booked at the next support level...
