Breakouts from Consolidation are the most common of setups that are traded in the Currency Market. These have been more dominant in recent years because of the extraordinary Monetary Policy stances of Central Banks as well as other factors that have led to low levels of liquidity. Breakouts can be fast and sharp, leading to trade targets being hit within minutes or a few days. However, as tempting as these are, there are many traps that have often caught traders with our pants down and left us w…
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Setups for AUD CAD, CAD JPY
AUD CAD
Aussie Canada (AUD CAD) has recently broken the Support of the Daily Chart´s Pennant, indicating the continuation of the bearish trend. This would be similar to the downtrends that have already taken place on the correlated pairs of AUD USD and AUD NZD.
Right now, the 4H Chart is moving sideways between Resistance and Support lines 0,9520 and 0.9490 and a break of this area will be a signal for me to sell. Target would be at the 0,9200 area just above major Support of 0,9167 formed on …
Aussie Canada (AUD CAD) has recently broken the Support of the Daily Chart´s Pennant, indicating the continuation of the bearish trend. This would be similar to the downtrends that have already taken place on the correlated pairs of AUD USD and AUD NZD.
Right now, the 4H Chart is moving sideways between Resistance and Support lines 0,9520 and 0.9490 and a break of this area will be a signal for me to sell. Target would be at the 0,9200 area just above major Support of 0,9167 formed on …