Happy Friday ,
Straight to it ,
Fundamentals :
* Oil off the lows, CAD is gaining some strength on this pair as if you didn't know the Canadian dollar is pretty much directly correlated to OIL.
* AUD Cpi came in lower as expected and Q2 isnt looking great, but what they have got on they're side right now is as a nation and the Covid 19 crisis the PM has come out publicly today and said restrictions will be lifted as early as next Friday , so what does this mean well we're open for business and on the road to recovery .
* Has anything changed with OIL !!!!! no supply outweighs demand , and there is still no space for storing it, so pressure will be more obvious come the end of month expiration contract . Hence the reason all the Big boys are rolling over contracts further out.
Technical wise :
T/L support is approaching and its been in an uptrend for a bit now , its hitting heavy resistance marked blue but at some point I feel a break out is imminent . Nice trade in my opinion but be patient as this is a slow burner and the effects of obvious Oil dramas will unfold again soon.
Entry @ 90.15
S/L @ 89.90
T/P @ 91.00
Trade rating - 5
Have a lovely Friday ..............
Straight to it ,
Fundamentals :
* Oil off the lows, CAD is gaining some strength on this pair as if you didn't know the Canadian dollar is pretty much directly correlated to OIL.
* AUD Cpi came in lower as expected and Q2 isnt looking great, but what they have got on they're side right now is as a nation and the Covid 19 crisis the PM has come out publicly today and said restrictions will be lifted as early as next Friday , so what does this mean well we're open for business and on the road to recovery .
* Has anything changed with OIL !!!!! no supply outweighs demand , and there is still no space for storing it, so pressure will be more obvious come the end of month expiration contract . Hence the reason all the Big boys are rolling over contracts further out.
Technical wise :
T/L support is approaching and its been in an uptrend for a bit now , its hitting heavy resistance marked blue but at some point I feel a break out is imminent . Nice trade in my opinion but be patient as this is a slow burner and the effects of obvious Oil dramas will unfold again soon.
Entry @ 90.15
S/L @ 89.90
T/P @ 91.00
Trade rating - 5
Have a lovely Friday ..............
Trade active
In we go , entry @ 90.18 :)Trade active
Moving S/L to break even .Trade closed: target reached
Okey dokey ,Nice trade and we are out for a nice 82 pips ....
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.