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 August 1 this year.
Probable Trade Setup - Entry - 0,9470/ Stop Loss - 0,9540/ Limit -0,9200
CAD JPY
A much larger setup is on the CAD JPY that could break the Resistance of the Pennant on the Daily Chart. This would mirror the breakouts on the other Yen crosses earlier this month, leading to strong gains for the CAD by several hundred pips. The boundary of the Resistance is at 97,64 and 97.44 corresponds with the Support points of 91,78, 93,60, 92,36 and 92,88. If the breakout takes place, I will aim for 101,04 Resistance formed on May 13, this year.
Probable Trade Setup - Entry 98.00/Stop Loss - 96,70/Limit - 100.00
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 August 1 this year.
Probable Trade Setup - Entry - 0,9470/ Stop Loss - 0,9540/ Limit -0,9200
CAD JPY
A much larger setup is on the CAD JPY that could break the Resistance of the Pennant on the Daily Chart. This would mirror the breakouts on the other Yen crosses earlier this month, leading to strong gains for the CAD by several hundred pips. The boundary of the Resistance is at 97,64 and 97.44 corresponds with the Support points of 91,78, 93,60, 92,36 and 92,88. If the breakout takes place, I will aim for 101,04 Resistance formed on May 13, this year.
Probable Trade Setup - Entry 98.00/Stop Loss - 96,70/Limit - 100.00
