Trading news

AUD/CAD – prognosis via Dow Theory

Weekly chart:

The trend in the big picture has already become mature in its 5th arm. Since the last low at 0.91509 CAD, the price ran up to the upper edge of the correction zone at 1.01188 CAD. This makes a trend break ever more likely.

Chart1

Daily chart:

In this trend size we can see a beautiful uptrend which carried out a very deep correction after its last point two at 1.0109 CAD, and in doing so, even briefly fell below its valid correction zone without, however, breaking this zone with the closing price. The current movement has been unable to continue the trend so far, yet the chances still remain more on the upper side.

Chart2

Hourly chart:

In the hourly chart we can see the same trend as in the daily chart. Here, too, the price was able to push off from the lower edge of the correction zone. The green arrows show the DowHow setup and suggest that there is a very good long chance here. The first target is at the last point two at 1.0086 CAD; the stop should be placed beneath the green correction zone.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

Head of Sales/Trading

AgenaTrader / TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Friday, 22 Jan, 2016 / 8:51

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