AUDCAD - Buy now - medium-term trade - read idea
In my last AUDCAD idea, the price broke down through daily trendline and i did not enter the trade.
Last week, the price bounced back up ~150 pips and its making a head/shoulder pattern.
As well as weekly bullish RSI divergence
Buy this between 0.89350-0.89550. I have entered the trade now at 0.89570 and will BUY more slowly if price goes down.
I am also LONG/BUY on NZDCAD. If you followed that idea, you should be in good profit now. Its a longer term trade and I bought more at 0.8250. Will hold until 0.85 atleast, possibly higher.
CAD economic data has been underwhelming, OIL is weak, i expect CAD to weaken in next few weeks. And friday's CAD employment news may trigger more CAD sell-off.
However, since AUDCAD/NZDCAD are longer term trades for me, even if price goes down, I will buy more.
Last week, the price bounced back up ~150 pips and its making a head/shoulder pattern.
As well as weekly bullish RSI divergence
Buy this between 0.89350-0.89550. I have entered the trade now at 0.89570 and will BUY more slowly if price goes down.
I am also LONG/BUY on NZDCAD. If you followed that idea, you should be in good profit now. Its a longer term trade and I bought more at 0.8250. Will hold until 0.85 atleast, possibly higher.
CAD economic data has been underwhelming, OIL is weak, i expect CAD to weaken in next few weeks. And friday's CAD employment news may trigger more CAD sell-off.
However, since AUDCAD/NZDCAD are longer term trades for me, even if price goes down, I will buy more.
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