USD/CAD: An important support at 1.0163 was crossed downward a few days ago. We can identify a small breach of the support during last session but it was only a test. AUD/CAD: The pair crossed a very important resistance at 0.9867 during the last 2 weeks, followed by an intensive increase in the currency.
USD/CAD
Daily graph: http://www.real-forex.com/charts-daily/191010/CAD_DAILY_191010.JPG
One-Hour graph: http://www.real-forex.com/charts-daily/191010/CAD_1H_191010.JPG
An important support at 1.0163 was crossed downward a few sessions ago. We can identify a small breach of the support during last session but it was only a test. The pair kept its current trend downward. This small test confirms the fact that the support became a resistance.
The current trend creates the opportunity for a “Short” trade which could be open by the identification of a decreasing configuration on a one – hour graph.
Potential trade
Our analysts estimate the creation of the opportunity once the support of 1.0136 will be broken downward. Our transaction once the support will be broken:
· “Limit” order on “Short” position 10 pips below the mentioned the support, meaning: 1.0126.
· “Stop Loss” on the last high occurred: 1.0160
· “Take Profit” order on the next support: 1.0091
AUD/CAD
Weekly graph: http://www.real-forex.com/charts-daily/191010/AUD_WEEKLY_191010.JPG
The pair crossed a very important resistance at 0.9867 during the last 2 weeks, followed by an intensive increase in the currency.
Since the level the pair just crossed is the highest ever reached, our analyses estimate a very high probability for the current trend to increase. Such estimation suggests a great opportunity for a “Long” trade.
In order to catch the opportunity, our analysts suggest observing how the pair will behave with the resistance. If a small reversal happens, followed by an equivalent correction, but still stopped above the resistance, the opportunity for a “Long” will be created.
We estimate a great potential for this transaction since the highest level ever reached was just crossed.
Have a profitable day!
Real forex team. 