Good afternoon team,
We are looking to position long with a BUY STOP on the AUD leading into the RBA interest rate decision and statement in 45 mins.
Please check the fundamental update in telegram for more information.
The NZDCAD played out very well last week breaking out of a falling wedge structure that looks identical here to the AUDCAD. Therefore, we are looking to go long now anticipating a move higher.
AUDCAD 4 Hour Charts
RSI is showing a bullish divergence suggesting a reversal opportunity.
AUDCAD – 1 Hour Charts
Trade Setup: BUY STOP, entry price 0.9370, stop loss 0.9295 and take profit target 0.9550.
Stop loss: 75 pips
Take profit: 180 pips