AUDCAD – BUY STOP – 1st June 2021

AUDCAD – BUY STOP – 1st June 2021 (Closed)

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

Trade Setup
BUY STOP

Entry
0.9370

Take Profit
0.9550

Stop Loss
0.9295