I present to you once again the "workhorses" in the cross-rate segment – a pair of AUD/CAD. This is a unique cross in its medium clear passages. I started working with this instrument thanks to an acquaintance with a rank of grid traders with a turnover of millions of dollars.
Good evening, dear traders!
I present to you once again the "workhorses" in the cross-rate segment – a pair of AUD/CAD. This is a unique cross in its medium clear passages. I started working with this instrument thanks to an acquaintance with a rank of grid traders with a turnover of millions of dollars. This cross would not be their last place. Similarly to the NZD/CHF pair, this cross has a specific characteristic - any strong movement in the 700p range of 4 gives a pullback of at least a half. And just right now, the AUD/CAD has passed the value of the average regression value of 700p laid to it.
From the point of view of fundamental analysis for Australia this night – there will be a decision on the interest rate by 1.30 Universal time, and on Friday, across Canada, a change in employment at 12.30. All these events will lead to increased volatility of a clearly overbought instrument, and we can count on correction from a decline of 100-200p by 4 characters. The nearest resistance level behind which sellers are standing is a round level 0.9, and at least a false breakdown is most likely in these conditions. Also amid declining interest rates on the New Zealand dollar, the Australian dollar could also take that step. However, our plan will not change. For this, it is necessary to place a limit purchase order at a minimum of the current year below the quote 0.8888 and take profit at the level of 0.9.
Good luck in trading, and follow the rules of currency management!
