EDIT: Looks like publishing changed a little on me. Better chart inserted inline.
After taking a month or so off to take care of other projects, I'm hoping to get back in the swing of things shorting AUDCAD since we're in a bearish trend in all of our charts:
On the hourly it looks like we saw some consolidation between 0.9500 and 0.9550 with one big wick to the the upside that was probably related to news. RSI shows we're neither overbought or oversold at the moment, as it's hanging out in the middle.
The 240 shows the same thing, but RSI is more toward the overbought range of things. This makes me think that we'll see a minor retracement to previous structure turned resistance in the 0.9580s.
The daily shows we're real close to being overbought. To me this adds another reason to as why we'll see a retracement to the 0.9580s. It looks like the next piece of structure to the downside is around the 0.9400s which doubles as a nice psychological level .
If I'm going to get in on this I will likely:
SHORT @ 0.9580s
BUY @ 0.9640s (SL)
BUY @ 0.9400s (TP)
I also see some medium level CAD news on Monday and some high level AUD news related to interest rates (www.fxstreet.com/economic-calendar/), but I think this move has the potential to finish before then.
After taking a month or so off to take care of other projects, I'm hoping to get back in the swing of things shorting AUDCAD since we're in a bearish trend in all of our charts:
On the hourly it looks like we saw some consolidation between 0.9500 and 0.9550 with one big wick to the the upside that was probably related to news. RSI shows we're neither overbought or oversold at the moment, as it's hanging out in the middle.
The 240 shows the same thing, but RSI is more toward the overbought range of things. This makes me think that we'll see a minor retracement to previous structure turned resistance in the 0.9580s.
The daily shows we're real close to being overbought. To me this adds another reason to as why we'll see a retracement to the 0.9580s. It looks like the next piece of structure to the downside is around the 0.9400s which doubles as a nice psychological level .
If I'm going to get in on this I will likely:
SHORT @ 0.9580s
BUY @ 0.9640s (SL)
BUY @ 0.9400s (TP)
I also see some medium level CAD news on Monday and some high level AUD news related to interest rates (www.fxstreet.com/economic-calendar/), but I think this move has the potential to finish before then.