The Australian Dollar Canadian Dollar.
Good evening Dynamic Traders,
Tonights chart is of the AUDCAD on the daily timeframe.
At present price stands at a very strong former resistance, but this pair is in a good uptrend and stands at the 0.9800 figure area, just shy of the 1.0000 , another strong psychological area.
GetStochastics is showing the false bars to the upside as expected as all trends are up.
A break north could mean a continuation here and could be traded accordingly using your filters, as you should make the trend your friend, but caution could be warranted as the MOB has now been broken and confluences such as the fibonacci cluster area being in this vacinity of the afore mentioned resistances are building to offer a hint at a possible pullback/reversal, so wait until opportunities arise for your entry points, if you are already in this trade then good management is paramount here.
If a short trade is to be considered then use your appropriate tools and techniques as this would be against the trend and you need to be confident in this approach.
As always please ensure to do your own analysis before taking any trades.
Charts courtesy of AdvancedGet.