AUD/CAD Good opportunity to grab some Pips!

Hi, guys what do you think of this trade? Aussie has been doing fundamentally better than the CAD+ this pair is reaching a strong infliction point I am thinking of going long on this pair and targeting previous highs or the 50.00 Fib level… If however this level breaks (0.00) I will short and keep a tight SL Take a look at the chart below… Could be a good opportunity to grab some pips!

IC Markets AUDCAD h1 Qs8nn | cTrader

I have a bias against the CAD. I entered a long AUD/CAD trade recently and plan on holding it possibly for more than a month. I think the CAD has been too high for some time now and is due for a drop.

In Daily chart it appears the pair has just broken the neckline of an obvious Head & Shoulders pattern


Breaking the neckline, looking good!

[U]IMPORTANT[/U]: The -today’s- daily candle should [B]close[/B] below the neckline for confirming the breaking of the particular support.

Hey guys.
Yeah, I have my eye on that also. (well, I always know who’s stronger and weaker past and present)
This is definitely interesting.
To bring it out to in…the commodity currencies have dominated a lot lately, over the majors. The AUD is the strongest of them all. CAD has been strong also the last few weeks. And between them 2, yes, CAD has had them lately. But, I’m kinda watching who’s gonna break back down more. You have to wonder how long AUD can keep it up. Because if you remember their central bank isn’t really that crazy of having a real high value dollar. I have been waiting to see if the AUD will come crashing back down. But recently they haven’t. Correction yes. But not really any fall. The CAD have been breaking a lot of longer term trends across the board lately. (CAD/CHF, EUR/CAD, USD/CAD, GBP/CAD). So, I just wonder if they are really turning the tides.
Look, I’m no expert by any stretch of the imagination. These are just some of my thoughts, and is what I see.
If I can give my opinion, I think the strength will go more to the CAD than the AUD. And I’m wanting to know more fundamentally why than what the charts are saying.
But anyway, yes, this is so very interesting!
Hey, you might want to wait till fri. of this week. (well I am) Because CAD has some big news coming out which just might tip the scales between them two.

Who’s stronger, dominating, and favored as opposed to who’s being taking advantaged of, weak, and vulnerable is how I view the market. Putting that all into perspective in the long term (weekly), short term (daily), and intraday.

And I have soooooo much more to learn.

That’s my take. Let’s see what happens.

Mike

I actually switched over to AUD/CHF very good trade you can see how its forming a nice ascending channel I am now up 40 Pips!!! on live !! I will keep watching and ajust accordingly if it changes but so far so good! AUD/CHF what are your long term thoughts on this pair guys?

IC Markets AUDCHF h1 qJBnn | cTrader

This is my long term view, Think the aussie is headed for a big drop? Key area I am watching out for is around 0.815 Heck I might even go long on that area and keep my short going do a nice little hedge until a break to the downside

IC Markets AUDCHF h4 fJBnn | cTrader

I don’t usually trade the comdolls but your setups look good! Almost at parity and we’re still seeing bearish candlesticks on the daily time frame.

Do you think we’ll see a bounce at 1.0000? :slight_smile:

As it was mentioned in the previous analysis of this currency pair dated 2014.05.15, according to the formed signs in the price chart, there was the possibility of descending of the price which finally happened. The price during its descending trend could record the low price of 1.00075.Right now price is above 5-day moving Daily and h4 time frames that show an uptrend during the next candles. As it is obvious in the picture below, there is an AB=CD harmonic pattern between the Top price of 1.03463 and the Bottom price of 1.00075 with ideal ratios of 61.8 to 161.8 that warns about ascending of price from the D point of this pattern.

RSI indicator is in saturation Sell area and confirms the current bottom price, also wars about formation of a bottom price. Generally until the bottom price of 1.00075 is preserved, price has the potential of ascending. Price by reaching to the Support Level (R=S)was not able to descend and break it in daily time frame and by creating the hammer candlestick pattern on this line shows recessing of sellers in reaching to the lower price and also the supportive level of 0.99190.

[B]Technical Analysis of AUD/CAD dated 2014.05.29[/B]

good new on AUD i make 40 pips on AUD/USD with the CPI news

As it is obvious in the below price chart, AUD/CAD from the top price of 1.03541 has descended and sellers could record the bottom price of 0.96843 that this supportive level is fixed in weekly time frame ( by ascending candles) and acts as a bottom price. Price by reaching to the ascending trend line (made of 2 bottom price) was not able to descend and break(fake break) it in weekly time frame.According to the below picture, price by making the third bottom price of ascending trend line has started to ascend and is above 5-day moving average that warns about ascending of price during the next candles.

AS it is obvious in the picture below, there is an ideal AB=CD harmonic pattern between the top price of 1.03541 and the bottom price of 0.96843 with ratios of 61.8 and 161.8 that warns the ascending of price from the D point.Stoch indicator is in saturation sell area and with the next cycle warns about the ascending of price from the bottom price of 0.96843. Generally according to the formed signs in the price chart until the mentioned bottom price is preserved, price has the potential for ascending at least to the resistance level of 1.00000.

AUD/CAD chart has experienced a strong descending trend during the recent days that could record the bottom price of 0.95684.As it is obvious in the picture below, the price has been stopped from more descending by reaching to the supportive level (made of two bottom prices) and by creating a bottom price(Spinning top and Harami candlestick pattern) in this saturation area starts to ascend which shows the potential for ascending in this currency pair.

As it is obvious in the picture below, between the top price of 0.99849 and the bottom price of 0.95684, there is a butterfly harmonic pattern that with completion of the D point there will be a warning for increasing of the price.Stoch indicator is in saturation sell area and confirms the D point of this pattern by the next cycle and warns about the potential of ascending of the price during the next days.Generally until the price level of 0.95684 is preserved, the price has the potential for ascending and reformation.