Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

Download MT4
MT5 Terminal

AUD/CAD Short-Term Downtrend (May 1, 2014)

AUD/CAD is currently testing a falling trend line on its 1-hour time frame, as it has pulled up after reaching the 1.0150 minor psychological support. The pair could now find resistance at the 38.2% to 50% Fib levels, which are close to the 1.0200 major psychological resistance.

Stochastic has already reached the overbought zone, indicating that buyers are exhausted. However, selling pressure hasn’t mounted yet as the indicator hasn’t crossed down from the 75-80 levels.

 

140501_audcad

Shorting at the 1.0200 mark with a stop above the trend line or 61.8% Fibonacci retracement and a target of new lows could yield a good return on risk. Moving the stop to entry once price tests the latest lows at 1.0150 could be a good way to reduce exposure.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/pl
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

Join Us in Just 1 Minute!

Download MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/pl