AUD/CAD - 25/08/2019
PLEASE SEE LAST WEEKS ANALYSIS.
There are now 3 weekly candlestick rejections on the weekly res level of 0.90500. This could potentially mean that the week ahead will start to move bearish. However, the candlesticks consist of a doji and an inverted hammer, which could also mean a reversal.
The daily has rejected the 38.2 fib level and pivoted around that area.
It seems to have already started making its move towards the long term target of 0.88000. I did not take this trade as I had a sell limit at the descending TL and inbetween the 50-61.8 fib level. If this move has already started, I may not jump in the trader until the daily support is broken and retested on the 4hr chart.
I have added in a short position of where I would take that trade if it doesn't reach my sell limit at the descending TL.
FUNDAMENTALS:
AUD:
- Thursday - Private Capital Expenditure
- Friday - Building Approvals
CAD:
- Friday - GDP
ALL:
- Monday - G7 Meetings
There are now 3 weekly candlestick rejections on the weekly res level of 0.90500. This could potentially mean that the week ahead will start to move bearish. However, the candlesticks consist of a doji and an inverted hammer, which could also mean a reversal.
The daily has rejected the 38.2 fib level and pivoted around that area.
It seems to have already started making its move towards the long term target of 0.88000. I did not take this trade as I had a sell limit at the descending TL and inbetween the 50-61.8 fib level. If this move has already started, I may not jump in the trader until the daily support is broken and retested on the 4hr chart.
I have added in a short position of where I would take that trade if it doesn't reach my sell limit at the descending TL.
FUNDAMENTALS:
AUD:
- Thursday - Private Capital Expenditure
- Friday - Building Approvals
CAD:
- Friday - GDP
ALL:
- Monday - G7 Meetings
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