I believe this is just a correction of the previous sell off. AUDUSD is not progressing much, but this trade is based mostly on expectation of USDCAD will go down.
Long term trend is bullish and current price action is most likely just a deeper pull back. Price broke trend line, came back to test and felt down again. I am expecting market to go down to 1.0740 and there Long term bull market should resume.
Some consolidation and next move should be up. Safest way to buy after breakout, but I took long position after a bounce from the support. Here is similar situation on NZDCAD:
Price could not climb up and broke down from the consolidation. I would like to see some retracement on the smaller time frames and I would go short. Closed target for me is 117.83
Price came to test broken channel's line and it can go up. I am waiting for some further development.
This pair broke up from the consolidation, chart has longer term trend line, waiting for some consolidation on the smaller time frame to go long. Today's sharp drop puts some shadows of the doubt for the bulls. Only smaller time consolidation will clear picture for me.
1 hour time frame consolidation has been broken, price moved above longer term resistance line. Small stop loss, good risk reward. Expected market to retrace a bit, but EUR is strong against all currencies. This trade is based on my trading plan:
I will be looking to sell around 1.0980 price level. Another sell opportunity can come if current 4 hour trend line will be broken. If price will go above 1.1000, most likely bull market will last much longer.
Adjusted take profit order for this trading idea : Stop loss 0.6990, Take profit 0.7187
This pair remains bearish, but there is nice consolidation and this consolidation is just below support line. Break above that consolidation can lead to going back above the support level and it can start new trend up or at least meaningful pull back up to 114.00 level. I still believe 108.50 is possible where strong bull market should start. Despite this, if...
Looks like consolidation is over, Friday's close was positive, on smaller time frame I will be looking to enter long. Targets are 0.8917 and 0.8989.
Long term target remains 129.73, shorter term target 124.02. Price bounced up from the trend line. Break below that line will cancel this plan.
This is my trading plan for EURNZD. Daily chart has nice consolidation area and break above should move price to 1.6076 level. On the way there is resistance at 1.5760 area, where some pause can take place. First I would like to see drop back to 1.5200 level, where I will be looking for long signal. Using smaller time frame is possible to get better risk reward...