Thursday, November 8, 2012

AUDCAD Triangle Trade AUDCAD Short Trade
Pair AUDCAD is making out a triangle on hourly chart. 

On the lower side is the 200EMA which has supported price on previous dip. Lower trendline coincides with 200EMA. A break below should accelerate down move. Also on Daily chart, looks like pair is making up a double top. 

The pair has enjoyed 4 days of continuous run, so it might be in for a pullback. I expect the triangle to break on lower side. The range of triangle is just 50pips, so I would like to trade breakouts instead of bounces.
I will go short on down break of the triangle against break and daily close above highs.

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