AUD/CAD Signal- November 20, 2012

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By: DailyForex.com

Currency: AUD/CAD
Trend Expected Direction: Down
Method: Ichimoku, Technical Analysis
Description: The AUD/CAD pair changed its direction after it hit a descending trend line originating in February. On 4 hour time frame, prices fell below the Ichinoku cloud and the Tenkan Sen line crossed below the Kijun Sen line, indicating that the bears are increasing their strength. Since the stop and profit levels are far from the current price, I would recommend small position.
Recommendation: Short
Target Area: 1.0260 & 1.0190
Stop-Loss: 1.0430

AUD/CAD Signal- November 20, 2012

Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.