TECHNICAL BREAKOUT
Updated
The commodity currencies has had good run at the start of this year. The best performer among them is the Australian dollar which has rallied effectively among its major peers. A typical example is the AUDCAD which has rallied since the beginning of this year.
With first quarter of the trading year winding up, it seems the bears are now waking up from a deep slumber. Three black crows has emerge on the daily which resulted in a technical breakout, whilst the parabolic SAR also turns negative on 23.03.2017 whilst the pair trades a little above 20 DMA on Friday close @ 1.0197. Are the bears now awake to say good bye to the bulls to take over to resume a trend change? We leave this for the market to decide when it opens for trading.
However we favor short positions and a more conservative one when the price tries to retest and we look for signals to enter short.
With first quarter of the trading year winding up, it seems the bears are now waking up from a deep slumber. Three black crows has emerge on the daily which resulted in a technical breakout, whilst the parabolic SAR also turns negative on 23.03.2017 whilst the pair trades a little above 20 DMA on Friday close @ 1.0197. Are the bears now awake to say good bye to the bulls to take over to resume a trend change? We leave this for the market to decide when it opens for trading.
However we favor short positions and a more conservative one when the price tries to retest and we look for signals to enter short.
Note
Price is now into our sell zone @ 1.025 resistance area. We now look for sell signal to enter short.Note
Bearish pin bar formed on 4 H chart and bearish divergence on 1 H chart. therefore short position entered @ 1.02393Note
Lets see how the trade works outTrade active
Target 1 achieved. Trade still active. Will see whether target 2 will be achievedTrade closed: target reached
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