After the Rate Hike from the FOMC to 1.625 was priced into the market the AUD/USD broke out of its channel to the upside. As I said in the previous trade idea for the AUD the economy is improving after its transaction from the mining sector and I expect it to remain buoyant going through 2018. I will be keeping an eye on wage growth and jobs ...
RBA kept interest rates the same in the last meeting but have acknowledged that there is improvement in both the Domestic and International economy. The currency is currently trading down against the USD but a positive language from the RBA minutes tonight coud see a bounce back to previous resistance. If the central bank language is fairly ...
After a few successful long entries on AUDCAD -0.10% , I follow up with another one.
My clues here are:
Bounced off historical support/resistance level.
Bullish trendline as support
Double bottom at above mentioned level of interest
Momentum turning around
Targets marked on chart.
First target markes the 0.618 fib retracement ...
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 ...
We have another bat completing while writing this. The previous 2 bats caught today did not hit home with dollar strenght pushing both gold and eur down. Lets see if we can fly with this bat, third time is the charm.
Bat, oversold conditions and a nice round number (1.00000) is reason enough for me entering this.
A setup we know as 2618 shows itself, giving us an opportunity to get long on this pair.
Target a full retrace back to the recent high and stop loss below double bottom.
As usual, I put my entry a few pips below the conventional entry point to improve my risk to reward ratio.
AUDCAD has been a tricky one for me lately, but we cant let that stop us.
Order is ...
We have a gartley completing right above a clear structure zone that should act as support.
I'm putting my entry order within the structure zone for better risk to return.
All in all,
A small trade with relatively good risk to return. Lets hope we get filled!
Price action broke out of consolidation / structure channel to the upside. We find an opportunity to get long at the 0.618 retracement of the bullish leg. Structure and bullish trendline adds up as support.
We also see a 2618 with the double bottom followed by the break out and 0.618 retracement
Order is pending, lets see if we get filled!
Time to get short!.. Or long!.. Or both.
We're currently in a previously tested channel with support/resistance both above and below. We see two pattern forming. Gartley (red) and bat (yellowish).
Orders are pending on both, lets see which gets filled!