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Monday, June 26, 2017

AUD/CAD: SHORT POSITION OPPORTUNITY IN A QUIET MOMENT

After significant increase happened on this pair, there is a high probability for the pair to retrace. There will be an opportunity to open short position as well for the next 6 hours.

1.00567 would most likely to be Resistance Level that would try to hold the pair from moving upward.

As seen in the following picture, AUD/CAD would try to move inside the yellow zone and reaches 1.00286 which is the Support Level for the moment.



Today, I opened short position and looking forward to exiting the market when AUD/CAD reaches 1.00286.

However, shall AUD/CAD breaks above 1.00567, retracement scenario will be delayed. In this case, I might exit the market without taking any profit and will try to get my break even point.