AUD/CAD Signal - April 4, 2013

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By: DailyForex.com

The AUDCAD pair, which has been strongly bullish since the beginning of the year seems to be starting a downtrend. We have a bearish cross of moving averages at 7 and 20 sessions while at the same time the MACD invalidates the medium term uptrend by passing under its signal. In this context, the return on the moving averages could be used to short the pair in order to aim first for a return on the lower Bollinger band.
Direction: Down
Entry: 1.0602
Stop-loss: 1,065
Take-profit: 1,055

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.