timmynorin
Long

AUDCAD Telling me to go long, trap?

FX:AUDCAD   Australian Dollar/Canadian Dollar
Lets find out

Price action is very clearly showing signs of bullish intention.

Blue arrows - Respecting structure.
Purple arrow - Respecting trendline .

In this we also see a 2618, which I have not drawn out. See if you can spot it yourself.

(Also note that it broke and close above falling trendline )

Long since 1.01688

Lets see if we can pull some profit out of this.
Comment: We came 1 pip shy of target 1, holding without adjustments as of yet, lets see if we can get another surge of steam.
Comment: Target 1 hit, pipage much welcome. Closing 50% and moving stop loss to break even for remaining position.
Trade closed: target reached: Target 2 hit - 1.02300. Position off!
I mean if the gold price increased does that give a bullish sign for aud or a bearish sign for cad
Reply
timmynorin DesperadoElkazaz
@DesperadoElkazaz, Ah, okay - I see. A rising gold price could have a negative effect on Canadian dollar since they are a large importer of gold. As for Australian dollar I am not so sure how big effect it really has. Not enough for me to dig deeper anyway!
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Does the aud or cad has a relation with xau
Reply
timmynorin DesperadoElkazaz
@DesperadoElkazaz, thanks for your comment. XAU is the index for gold. So no, no relation to AUD (Australian dollar) in this case. Neither does the CAD (Canadian dollar).
Reply
timmynorin ernstschwarz
@ernstschwarz, 1.02300 has historically proven to be a strong support/resistance area, together with the double top (and what appears to be a bearish gartley, for pattern-lovers) this could very well be the outcome. Indeed!
Reply
not a trap.

one more up very likely and then a big downmove to come. so maybe not a good idea to take the long.
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