Trade77; AUDCAD Bounced off The Daily Trendline 7am

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Eyes are on the Aussie dollar weakness, it reached the horrible parity and now it’s scaring from 1.0000 !
I called a short before and still I have got some portions short on it and I’m willing to add more shorts after tonight’s AUD Unemployment rate.
I had got another short setup on AUDCAD and now I’m going to have a review on this pair:

You can see in the figure above there is a possible channel on the daily chart and price formed a doji at the upper bond trendline and now it’s moving down.

In the four hour chart below I expect it to retrace higher and reach 38.2 level:

So shorts from 0.9934 would be good with stop above the parity and looking for 0.9800 as the first profit target.
And if it didn’t reach that level then we can short it below 0.9900 support level:

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.

Great Thanks

  Copyright secured by Digiprove © 2010

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news