{"id":108072,"date":"2017-06-26T09:30:28","date_gmt":"2017-06-26T13:30:28","guid":{"rendered":"http:\/\/countingpips.com\/?p=108072"},"modified":"2017-06-26T07:08:28","modified_gmt":"2017-06-26T11:08:28","slug":"short-term-trading-idea-fx-audcad-bull-speculation-price-to-restore-to-1-0327","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/06\/short-term-trading-idea-fx-audcad-bull-speculation-price-to-restore-to-1-0327\/","title":{"rendered":"Short-term trading idea FX AUDCAD \u2013 bull speculation: price to restore to 1.0327"},"content":{"rendered":"
June 26, 2017<\/div>
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By Gabriel Ojimadu, Alpari<\/strong><\/p>\n

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Trading opportunities for the currency pair: <\/strong>The price has twice rebounded from the S1 line. Because of this, the Aussie dollar is expected to strengthen against its Canadian counterpart as far as the TL1 line with targets of 1.0211 (high point from the 7th<\/sup> of June) and 1.0327. This scenario will not play out if the daily candlestick closes below 0.9948.<\/em><\/p>\n

Background<\/em><\/strong><\/p>\n

The previous idea for the AUDCAD pair was published on 12\/09\/16. At the time of its publication, the Aussie was trading at 0.9833 against the Canadian. The pair has been caught in a sideways trend for the last 15 weeks. I was expecting the price to exit downwards from there. This prediction should have played out when the price broke into the 0.9780 \u2013 0.9799 range with targets of 0.9718 and 0.9668. This didn\u2019t happen, however, as the price exited a 4-week flat upwards instead.<\/p>\n

Current situation<\/em><\/strong><\/p>\n

The AUDCAD cross has been in a sideways trend since the 20th<\/sup> of March this year, trading between 0.9925 and 1.0346 (421 pips). In this idea, I\u2019m not expecting the price to exit this range despite the fact that the pair is definitely ready for a new trend.<\/p>\n

On Friday, the price closed in the middle of the triangle formation. The price rebounded twice from the S1 line. This shows that buyers don\u2019t want the price to go any lower than this.<\/p>

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The idea is that the Aussie dollar will strengthen against the Canadian up to the TL1 line with targets of 1.0211 (high point from the 7th<\/sup> of June) and 1.0327. A breakout of 1.0107 (high point from the 16th<\/sup> of June) and 1.0123 (S1) will indicate movement in the right direction. This will not play out, however, if the daily candlestick closes below 0.9948.<\/p>\n

Notation: TL \u2013 trend line, R \u2013 resistance, S \u2013 support.<\/p>\n

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Daily chart. Source: TradingView<\/p>\n

Source: “Short-term trading idea FX AUDCAD \u2013 bull speculation: price to restore to 1.0327<\/a>“<\/div>\n<\/div>\n
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By Gabriel Ojimadu, Alpari Trading opportunities for the currency pair: The price has twice rebounded from the S1 line. Because of this, the Aussie dollar is expected to strengthen against its Canadian counterpart as far as the TL1 line with targets of 1.0211 (high point from the 7th of June) and 1.0327. This scenario will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-108072","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=108072"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108072\/revisions"}],"predecessor-version":[{"id":108073,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108072\/revisions\/108073"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=108072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=108072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=108072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}