AUD/USD:A few sessions ago, the pair reached the resistance of 0.9918, stopped and started to decrease. Last session’s hammer…
USD/CAD:For the last months, the pair didn’t follow any specific trend. Only a weekly graph …
Daily graph: http://www.real-forex.com/charts-daily/131010/AUD_DAILY_131010.JPG
One hour graph: http://www.real-forex.com/charts-daily/131010/AUD_1H_131010.JPG
A few sessions ago, the pair reached the resistance of 0.9918, stopped and started to decrease. Last session’s hammer (professional name for a specific candle) suggests the end of the correction process occurred during the last sessions.
About 33% of the movement has been corrected when the pair reached the support level 0.9769. Once crossed, a new uptrend started. This new trend may create an opportunity to trade “Long”.
On the one-hour graph, an ascending configuration might be identified once the pair will cross the resistance level of 0.9877.
· “Limit” Order on “Long” position 10 pips above the resistance, meaning 0.9887.
· “Stop Loss” on the last low occurred: 0.9829
Weekly graph: http://www.real-forex.com/charts-daily/131010/CAD_WEEKLY_1301010.JPG
For the last months, the pair didn’t follow any specific trend. Only a weekly graph is able to show the different levels where the pair might be stopped (resistances or supports). Currently, we are about 170 pips far from the next support level, 0.9928.
Once the support reached, we anticipate reversing trend which may create an opportunity for a “Long”. The trade should last until the upper side of the channel.
Have a profitable day!