USDCAD took off in the open of Tuesday’s NY session. I ended up not entering a position since it did not hit the bottom of the range as desired.
Although this move already took place, another potential entry exists as this pair makes its way to retrace back to the upper boundary of the original range. For the time being, currently this pair remains a monitor.
The first pair I am currently taking a look at is AUDNZD:
Over on the left weekly chart:
- This week’s bearish candle returns all of and if not more of last week’s gains.
- Price continues to be held resisted on both the shorter and longer period moving averages.
Over on the 4-hour chart:
- Price is currently testing a critical neckline, but selling pressure looks to have begun.
- Price is also imminent of crossing the EMA-60, which price has previously and successfully trended above this level.
Over on EURCAD, I have taken a shorter term breakout trade on a technical setup over on a lower timeframe.
- Moving average diverge indicates downtrend accelerating.
- Rule based stop loss placed above set of moving averages as early indication trend change exit.
- Take profit set just before previous lows in case the previous low is held supported
For now, these are the minor pairs I’m currently monitoring at the moment.