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Monday, June 26, 2017

AUD/CAD: Overbought!

This pair has entered its overbought condition. At this point, I'm not gonna open any Long Position even if there is any movement upward.

In fact, I see there is an opportunity to open short position. 1.00943 would be Resistance level that would try to hold the pair from moving upward any further. 

Once the pair lost its momentum to move upward, it will try to retrace and going to the yellow zone as seen in the following picture. 

I am looking forward to exiting the market and take profit at above 1.00573. 

However, shall the pair reaches 1.00943 then retracement scenario might be delayed and I will try to exit the market as early as possible and try to get my breakeven point.