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AUDCAD Technical Analysis
As we clarified in our GBPAUD trade alert, we are willing to increase our FX exposure to the Australian Dollar (AUD) as our technical models are turning bullish. The currency has been greatly suffering from the market bears but we do see a bull in the far distance. AUDCAD also offers a relatively tight stop by all means and a fair swap rate at the rollover.
AUDCAD 4hr Chart
Please click on the chart to enlarge:
The market may have hammered a bottom at 1.0031, which is also the key support level on daily and weekly charts. Oversold indicators are hinting a reversal is due, similar to GBPAUD short trade. We believe China CPI that is scheduled for release during the Asian session may be the fundamental trigger for the Aussie’s strength we are anticipating.
AUDCAD Trade Details
Long @ market price
Take profit: 1.0130
Protective stop: 1.0019
Estimated duration: 14 days
Risk Ratio (RR): 1 : 4 (approx.)
All trades will be updated in our Trades Performance
11/09/14 UPDATE: Despite AUDCAD recent spike the trade was stopped out before the gains took place, incurring a loss of 21 pips.
Trade alerts are also issued in the weekly update.