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AUDCAD Remains Capped by 0.9910 Ahaed of the RBA Minutes

AUDCAD Remains Capped by 0.9910 Ahaed of the RBA Minutes

2011-02-14 16:30:00
Michael Wright, Currency Analyst

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Long AUDCAD




*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade



Potential Target






*Note: EURUSD short is from the last updated report on Thursday

The AUDCAD remains capped by its descending trend line that was intact since February 10th. Indeed, the Reserve Bank of Australia's minutes will be released at 00:30 GMT. Recently, Reserve Bank Governor Glenn Stevens said that financial conditions are on the "firm side" and noted that the bank had judged it "sensible of late" to leave interest rates unchanged. As the central bank head leans on the dovish side as of late, tomorrow's minutes will provide color to the blurry economic conditions in Australia. Concerns of surrounding the flood, cyclone, and fires may also cross the news wire and any downbeat tone could lead to a selloff in the aussie and validate our bearish bias. However, surprising hawkish comments could lead the pair to break above its falling trend line. All in all, for a long opportunity above 0.9915 on the hourly chart.

AUDCAD 1 Hour Chart

Intraday_Trading_02_14_11_body_audcad.png, AUDCAD Remains Capped by 0.9910 Ahaed of the RBA Minutes

Charts Created Using FXCM’s Strategy Trader

Close: 1.6109

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


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