A trade idea for AUD/CAD

A trade idea for AUD/CAD

2019-11-11 • Updated

Trade idea

BUY 0.9365; TP 0.9408; SL 0.9350

It looks like AUD/CAD formed an “Inverted Head and Shoulders” pattern on D1. The candlestick on W1 is a bullish “hammer”. To place a trade, we plotted Fibonacci retracements from April-May decline. An advance above 0.9360 will open the way up to 0.94. Notice that the currency pair will meet significant resistance in the 0.9440 area (daily MAs).  

Sell trades will become relevant if the price gets back below 0.9300. 

AUDCAD 29.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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