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Currency Traders Countdown to the RBA Rate Decision as the AUDCAD Eyes the 0.97 Area.

Currency Traders Countdown to the RBA Rate Decision as the AUDCAD Eyes the 0.97 Area.

2011-02-28 16:30:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Short AUDCAD

0.9810

0.9649

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

Pending Short AUDNZD

--Order failed to get filled--

1.318

--

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

The AUDCAD pared Friday’s advance and now looks poised to continue its southern journey as fundamental and technical developments paint a bearish picture for the pair. As of late, Canada’s GDP advanced an annualized 3.2 percent, while quarterly figures showed an increase of 3.3 percent in the fourth quarter after climbing 1.8 percent during the three months through September. Looking ahead, traders will be faced with Australia’s interest rate decision, which will be released at 03:30 GMT. Indeed, the RBA is widely expected to keep rates unchanged at 4.75 percent; however, comments subsequent to the release will likely dictate price action. All in all, remain short AUDCAD from 0.9909 and look to trail your stop ahead of the RBA’s decision due out later on tonight.

AUDCAD 1Hour Chart

Currency_Traders_Countdown_to_the_RBA_Rate_Decision_as_the_AUDCAD_Eyes_the_0.97_Area_body_audcad.png, Currency Traders Countdown to the RBA Rate Decision as the AUDCAD Eyes the 0.97 Area.

Charts Created Using FXCM’s Strategy Trader

Close: 0.9904

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 The trade is no longer valid if it is not triggered by 16:00 GMT the next day.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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