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FX: Seizing Opportunities in USD/CAD and AUD/USD With Strategic Long Positions

Published 11/16/2023, 05:53 AM

Today’s Trade Ideas:Today’s Trade Ideas

I have sat and watched USD/CAD bounce around and retest the break point of the trend line over the past month - I think it is now worth trying a long again at 1.3670/50, with stop below 1.3625.

USD/CAD-Daily Chart

As a trend follower, I have to try an AUD/USD long in the hope that this is a bullish breakout of the 3-month consolidation pattern. The break above the trend line, 23.6% Fibonacci, and 100-day moving average at 6470/90 should be a buy signal.AUD/USD-Daily Chart

AUD/JPY breaks above the early November high and more importantly the 5-month high set in June at 9767 for a buy signal. As we retreat for a retest of the break point, I have to try a long at 9775/55.AUD/JPY-4-Hours Chart

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