We have been observing a rise in US Dollar over the past month. However over the past 2 days the USD has appeared to be declining. We take this decline as an opportunity to buy USD again, buying it against the two commodity currencies AUD and CAD
Read about the Trend/Wave/Extreme system here
USD/CAD (4-Hour) Buy
- A strong up-trend pattern
- Trend(Long Term ) indicators are pointing up
- Extreme Indicators are pointing oversold ,indicating the down move may be over
- There is significant support at the 23.6% retracement level
Note: Wait for 2 consecutive up candles prior to opening a buy trade
AUD/USD (4-Hour) Sell
- A strong down-trend pattern
- Trend(Long Term ) indicators are pointing down
- Extreme Indicators are pointing overbought ,indicating the up move may be over
Note: Wait for 2 consecutive down candles prior to opening a sell trade
Make sure you place a stop loss slightly above 0.9700 ,as it is a key resistance level that may shoot AUD/USD higher.
Read about the Trend/Wave/Extreme system here.