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AUDCAD: Re-Enter Short on Trend Line Break

AUDCAD: Re-Enter Short on Trend Line Break

Ilya Spivak, Head Strategist, APAC

Strategy: Short at 1.0335, Targeting 1.0253

We initially sold AUDCAD at 1.0619 as a way to gain exposure to relative Chinese versus US economic growth expectations and booked profits on the position on June 6 at 1.0197 as prices took out falling channel resistance set from mid-March. The corrective upswing now appears to be exhausted as prices confirm a Doji candlestick with a break through rising trend line support set from the May 31 low and we will re-enter short, setting 1.0253 as an initial objective. A stop-loss will be activated on a daily close above 1.0401.

AUDCAD_Re-Enter_Short_on_Trend_Line_Break_body_audcad.png, AUDCAD: Re-Enter Short on Trend Line Break

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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