AUDCAD - Double Top + PennantIf price doesn't surpass the double top resistance, expect the pennant to break to the downside, targeting next support.
Aud-cad
AUD/CAD long opportunity - The pair extends gains above 200-DMA
- Breaks above major trendline resistance at 0.9540
- RSI above 50, bias higher
- Stochs sharply higher, momentum bullish
What Watch:
- Monthly New Housing Price Index (NHPI) from Canada
- Speech from Bank of Canada’s (BOC) governing council member Carolyn Wilkins at the World Bank’s panel discussion.
Support levels - 0.9537 (trendline), 0.9518 (5-DMA), 0.9497 (200-DMA)
Resistance levels - 0.9586 (61.8% Fib), 0.96, 0.9631 (Dec 31 2018 high)
Stay long on dips, SL: 0.9510, TP: 0.9585/ 0.96/ 0.9630
AUDCAD Approaching Support, Prepare For A Bounce
AUDCAD is approaching its support at 0.9481 (61.8% Fibonacci extension ,horizontal swing low support, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 0.9511(50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (34, 5, 3) is approaching its support at 6% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
AUDCAD Possible Short position, bounce on trend linePossible short position- to take into account nearing support levels
Financial markets await the latest ECB economic assessmentFinancial markets await the latest economic assessment from the ECB
ECB headlines
During the upcoming trading week traders and investors look to the European Central Bank rate decision and press conference with ECB President Mario Draghi. The ECB is widely expected to keep rates on hold, with market participants expecting President Draghi to turn even more dovish, as economic growth and data points from the German and French economies are steadily worsening.
Aside from the ECB, we see the release of global inflation data from the United States, German, Chinese, Italian and Indian economies. Traders also await the FOMC Meeting Minutes, the latest Brexit news and important Trade data from the United Kingdom and Chinese economies.
Monday 8th April, USD US Factory Orders
Domestic US manufacturers report Factory Orders in regards to the US dollar volume of new orders, shipments, unfilled orders, and inventories. Factory Orders provides an intelligible, clear view of the whole US manufacturing sector. More precisely, the new orders figure acts as an indicator of overall demand across industries while Shipments provide a gauge of supply. Unfilled orders and Inventory figures accommodate the balance between orders and shipments.
• The EURUSD pair is only bullish while trading above the 1.1250 level, further upside towards the 1.1290 and 1.1330 resistance levels seems possible.
• If the EURUSD pair moves below the 1.1250 level, sellers are likely to test towards the 1.1170 and 1.1050 support levels.
Tuesday 9th April, USD US JOLTS Job Survey
The Job Openings and Labor Turnover Survey, also known as, JOLTS, is a US jobs survey that is published monthly. JOLTS examines the jobs market and collects information from more than 15,000 workplaces across the United States. The survey collects numerical and qualitative data that concerns job hires, job openings, layoffs, separations, resignations and also recruitments.
• The AUDUSD pair is only bullish while trading above the 0.7230 level, key resistance is found at the 0.7380 and 0.7450 levels.
• If the AUDUSD pair moves below the 0.7230 level, sellers may test towards the 0.7130 and 0.7000 levels.
Wednesday 10th April, USD US Consumer Price Index
The US Consumer Price Index is released by the US Bureau of Labor Statistics and evaluates the fluctuations in the cost of living by measuring the changes in prices consumers pay for a set of items. CPI is used as the headline figure for inflation, as inflation reflects a decline in the US dollars purchasing power, which means that the US dollar depreciates and is therefore capable of buying fewer goods and services. In terms of an inflation measurement, the Consumer Price Index is the most obvious way to quantify fluctuations in purchasing power.
• The GBPUSD pair is only bullish while trading above the 1.3100 level, further upside towards the 1.3180 and 1.3300 levels seems likely.
• If the GBPUSD pair moves below the 1.3100 level, sellers are likely to test towards the 1.2970 and 1.2880 support levels.
Thursday 11th April, EUR ECB Interest Rate Decision
After the ECB Interest Rate Decision is announced, the European Central Bank holds a lengthy monthly conference with ECB President Mario Draghi delivering a prepared statement. The main points of the conference are inflation and an economic overview and examination of the causes behind the Governing Council’s decision. During the conference, ECB President Mario Draghi answers questions and also gives important clues related to future monetary policy.
• The EURGBP pair is bearish while trading below the 0.8640 level, further downside towards the 0.8510 and 0.8440 support levels seems possible.
• If the EURGBP pair moves above the 0.8640 level, buyers are likely test towards the 0.8680 and 0.8740 resistance levels.
Friday 12th April, CNY Chinese Trade Balance
The Chinese Trade Balance released by the General Administration of Customs of the People's Republic of China is the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported and is known as a trade surplus if the exports exceed imports. When imports are greater than exports, a deficit is created.
• The USDCAD pair is only bullish while trading above the 1.3300 level, further upside towards 1.3400 and 1.3550 levels then remains possible.
• If the USDCAD pair trades below the 1.3300 level, sellers are likely to test the 1.3220 and 1.3160 support levels.
AUDCAD 1:4 Risk Reward SHORTLogicStrategy Scores
AUD Short Bias
- Huge -21 shift
CAD long Bias
- Continued strength with a +15 shift
TA
- In a confirmed sell off price band
- low breaks
- Evening Stars
SHORT AUDCAD is Approaching Resistance, Prepare for Further DropAUDCAD is approaching its resistance at 0.9507(61.8% Fibonacci extension ,61.8% Fibonacci retracement , horizontal swing high resistance) where it is expected to drop further to its support at 0.9440(76.4% Fibonacci retracement , horizontal pullback support,61.8% Fibonacci extension ).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
AUDCAD is Approaching Resistance, Prepare for Further Drop
AUDCAD is approaching its resistance at 0.9507(61.8% Fibonacci extension ,61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.9440(76.4% Fibonacci retracement, horizontal pullback support,61.8% Fibonacci extension).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
AUDCAD Short OpportunityTaking a long position on CAD before NFP Friday. Ideal entry just below 0.95, with a target of about 100 pips to the downside
AUDCAD - LONG - DESCENDING WEDGEBias: Long
Technical Strategy: Descending Wedge Pattern + Monthly Support
Target:
TP1: Base of Pattern
TP2: Next resistance area + Fibonacci Cluster
Commentary: AUD on it's way to a bullish run and CAD is on a decline.
FREE TRADE.... Thank us later :) Strong resistance can be seen, and the current candle is at this level now, price going into this level is not overly strong so we can only see price respecting this level and making bearish movement.
Get on this trade and thank us later :p
See how easy trading can be? keep your charts simple and clean and you will spot good setups.
AUDCAD approaching support, potential bounce! AUDCAD is approaching our first support at 0.9485 (horizontal overlap support, 38.2% fibonacci retracement, 61.8%, 100% fibonacci extension) where a strong bounce to our major resistance at 0.9524 (horizontal overlap resistance, 50% fibonacci retracement) might occur.
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
AUDCAD approaching support, potential bounce! AUDCAD is approaching our first support at 0.9485 (horizontal overlap support, 38.2% fibonacci retracement, 100% fibonacci extension) where a strong bounce to our major resistance at 0.9524 (horizontal overlap resistance, 50% fibonacci retracement) might occur.
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
AUD/CAD long opportunity AUD/CAD is extending gains above 110-EMA and is on track to test 61.8% Fib.
The pair has broken out of daily cloud and major trendline resistance at 0.9515.
Technical analysis is bullish. RSI is above 50, bias higher. Stochs show bullish momentum.
Next immediate resistance lies at 55W EMA at 0.9574, breakout eyes 76.4% Fib at 0.9658.
On the flipside, retrace below 110-EMA will see weakness till trendline support at 0.9335.
Support levels - 0.9515 (cloud top), 0.9490 (110-EMA), 0.9470 (38.2% Fib)
Resistance levels - 0.9574 (55W EMA), 0.9586 (61.8% Fib), 0.96
Good to go long on dips around 0.9530, SL: 0.9490, TP: 0.9575/ 0.96/ 0.9630
AUDCAD pullback pendingThe pair has broken the bearish trend and is now facing rejection in a resistance area. Adding the Daily and 4h Stochastics, we should see the pair dropping, forming a pullback towards the trendline previously broken.
AUDCAD approaching support, potential bounce!AUDCAD is approaching our first support at 0.9388 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement) where a strong bounce might occur above this level, pushing price up to our major resistance at 0.9441 (horizontal overlap resistance, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
AUDCAD LONG SETUPAUDCAD has broken through the current downtrend on large bull momentum (steep stochastics).
We expect the momentum to continue as it goes and tests the 38.2% fib in the short-term.
In the long-term we can see 0.97000 being tested if the trend holds.
SL below recent lows.
Buy
TP 1: 0.95400
TP 2: 0.95950
TP 3: 0.97000
SL 1: 0.93800
SL 2: 0.93180
AUDCAD approaching resistance, potential drop! AUDCAD is approaching our first resistance at 0.9487 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100%, 61.8% Fibonacci extension) where a strong drop might occur below this level to our major support at 0.9423 (horizontal swing low support, 61.8% Fibonacci retracement).
Stochastic (21,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
AUD/CAD short setupAUD/CAD rejected at 110-EMA and capped below daily cloud.
Recovery attempts in the pair have been capped below 21-EMA.
Scope for test of 61.8% Fib at 0.9360 on continued bearish momentum.
Retrace above 21-EMA could see minor upside. Bearish invalidation only above 110-EMA.
Support levels - 0.9378 (Feb 7 low), 0.9360 (61.8% Fib), 0.9335 (trendline)
Resistance levels - 0.9436 (21-EMA), 0.9491 (110-EMA), 0.95
Good to go short on upticks, SL: 0.9440, TP: 0.9375/ 0.9360/ 0.9340
