After watching the market push up during yesterdays AUD news, RSI went extremely over bought up at 97
The market then put in a nice Double Top right at that major 9700 even handle.
On the retest we saw some nice bearish divergence on the RSI so I got involved as soon as we had the valid retest signal.
Stops and targets as per the short position indicator.
Wait until one sees a solid change in direction before getting in. I assume it will test resistance at 0.92662 or a bit lower, then as the market direction is short this is an opportunity to short with tp at 0.91238
Afternoon traders,
Looking at Aussie dollar versus Canadian dollar as it trades around support levels from early March whilst matching up with extreme oversold levels on both RSI and stochastics.
Additionally the move lower appears to be running out stream here both on volume and on price action with the pair sticking in a 30pip range for the past 24 hours....
we got the bounce we wanted to enter a long on this pair from our area of Interest
Feulled by yesterdays massive decline in oil prices ,Tp1 hit +50 pips we will maintain a long stance on this pair and Update next week
I see a movement up to TP1 at 0.92632 with a possible TP2 at 0.92966
*Risky Trade as the underlying movement is short*
Thanks to everyone who has followed my previous signals almost everyone has been positive.
AUDCAD buy set up -
The market is currently on a down trend since 18th Apri, market has bounced off Support and Resistance trend lines many times as i have pointed out on the chart. The market has now reached the green zone for a buy however the market has dipped below Support trend line and the weekly support and reversed of monthly zone.
Overall the trade is...
AUDCAD is at a major level right now, the area of support it is at has been tested and failed to break it multiple times. The overall bias of price action is downwards due to the descending trend line marked out in black.
Price is travelling in a descending channel marked out in blue, If price rejects the area of support its at now then we will be waiting for...
there is a nice opportunity for buys arising. I will be watching for price action confirmation before setting any long positions from the demand zone.
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The Australian Dollar vs. the Canadian Dollar. Both of these currencies are regarded as commodity currencies and are considered to be a relatively stable currency pair. The CAD fortunes are closely related to the U.S. because it is their largest trading partner and neighbor. The AUD is more effected by its alignment with Australia and emerging Asian markets.
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