We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.82%, while traders in USD/CAD are at opposite extremes with 70.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bULTh7GRop
  • The price of #gold climbs to a fresh monthly high ($1681) as the #coronavirus drags on the global supply chain, and the precious metal may exhibit a bullish behavior over the remainder of the month. Get your $XAUUSD market update from @DavidJSong here: https://t.co/h02KVH9bWE https://t.co/cgq8X9gGZ3
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 1.90% Gold: 1.88% Oil - US Crude: -4.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oZ1KxQywNr
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Oct 03, 2019 when Wall Street traded near 26,200.30. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/XRLFJCPPtr
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.97% 🇪🇺EUR: 0.13% 🇨🇭CHF: 0.06% 🇦🇺AUD: -0.20% 🇬🇧GBP: -0.27% 🇨🇦CAD: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EI1p6OLSRi
  • For the $SPX, this week's opening gap is the worst seen since August 1981 https://t.co/fVM4fHIGcB
  • As far as I can tell, this is the sharpest gap lower to start a week for the benchmark Dow since August 1998 https://t.co/YwPwGbGrL3
  • One of the more desired conditions that traders can look for are short-term reversals in price. Candlesticks themselves can help us see some of these potential reversals, with the Pin Bar. Find out how you can incorporate Pin Bars into your strategy here: https://t.co/0RFcb0Rpja https://t.co/vj3XW5aKEv
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: France 40: -0.08% Germany 30: -0.10% US 500: -3.03% Wall Street: -3.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ggfLLMiWGJ
  • US Six-Month Bills Draw 1.440% Primary Dealers Accepted: 48.5% Indirect Bidders Accepted: 45.9% Direct Bidders Accepted: 5.6% B/C Ratio: 3.02
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
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Long AUDCAD

0.9915

0.9845

0.9980

*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

Currency

Entry

Potential Target

Close

Long GBPUSD

1.6109

1.6183

Flat

*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.

DISCLOSURES

News & Analysis at your fingertips.