Long AUDCAD: Aussie Dollar is looking strong everywhere even against its highly correlated cousins the Kiwi and the Loonie. With AUDNZD already being risk free and half profit booked we can consider this opportunity, the measured target comes in just below the trend line, no doubt a trap for many technical traders. An incomplete bullish sequence means I am only interested in trading this higher, the trend here is clearly higher and that move higher appears to be incomplete so I am looking to buy at the bottom of the current pullback.
We didn't take it in the end. Yes AUD is pretty strong but we are looking at entering a long OIL position so this wouldn't of been correct to trade for our portfolio.
Jamal92
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How you feel about it now since it has broken through the trend line? could it be a fake breakout due to Aussie strengthening lately?