Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

AUD/CAD: Give The Shorts Another Look

Published 01/27/2015, 12:34 PM
Updated 07/09/2023, 06:31 AM

Talking Points

  • AUD/CAD lower after hitting major resistance
  • Forming a head-and-shoulders pattern on the 4-hr
  • A move towards 9650 looks probable on a neckline break

Last week, it was pointed out that AUD/CAD was trading at a confluence of resistance levels. After pulling off those levels, a head-and-shoulders pattern is forming on the 4-hr chart. The height of the pattern indicates a measured move of about 280 pips from the neckline, with a target below 9500, however; due to the pattern being ‘tall and narrow’ (less probable to meet measured target), I am focusing on a target equal to the first leg down from 10068 to 9786. If 9930 (morning high) turns out to be the right shoulder, the target I am looking for is 280 pips from that peak – 9650.

AUD/CAD: 4- Hr.

--- Written by Paul Robinson, DailyFX Research

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.