AUD/CAD Signal - April 12, 2013

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By: DailyForex.com

The AUDCAD pair is currently drawing a double top on the 1.0710 level after a strong bullish movement. In terms of technical indicators, the RSI is marking a bearish divergence which confirms the hypothesis of a corrective movement on the pair. We also have a fake crossover on the MACD which is getting a little bit closer to its negative zone. Investors will be able to trade on a fall of the AUDCAD to target a return on the lower Bollinger band at 1.0550.
Direction: Down
Entry: 1.0656
Stop-loss: 1.0720
Take-profit: 1.0560

AUDCAD Signal

Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.