Trade Updates: Long AUD/CAD and Short EUR/CAD

So far so good on my current positions, but I’m looking to make some adjustments ahead of the Canadian jobs release this week. Make sure look at my initial trade ideas before reading on!

Short EUR/CAD

It looks like the downtrend is still intact for this one, as the descending trend line resistance held on that quick pullback last. To tell you the truth, I held my breath for a while back there, thinking that an upside breakout was about to take place!

EUR/CAD 4-hour Forex Chart

EUR/CAD 4-hour Forex Chart

But now that euro bears appear to be getting back on their feet and oil price rallies are supporting the Loonie, I’ll keep holding on to this one and probably roll my stop lower once price breaks below the nearby support around 1.4450. Either that or I’ll close this position completely ahead of Canada’s jobs release on Friday since we might be in for a downside surprise based on the May Ivey PMI report.

Long AUD/CAD

As for this one, I’m seeing yet another short-term reversal signal on the 1-hour time frame. I was able to go long on what seemed like a double top neckline breakout last week but it looks like price is forming an inverse head and shoulders formation this time.

AUD/CAD 1-hour Forex Chart

AUD/CAD 1-hour Forex Chart

The RBA’s decision to keep rates on hold was one of the main reasons for the pair’s recent rally and I’m considering adding on a break higher if China’s reports also surprise to the upside. The pair seems to be struggling to head north for now, as the oil-related Loonie is putting up a good fight, but I’m thinking a weak jobs release could spur a neckline break. If so, I’ll be ready to roll my stop higher and add another 0.25% position around .9575.

I’ll be posting any quick adjustments I’ll be making in my social media accounts so make sure you’re following me, and don’t forget to read our risk disclosure if you’re taking the same setups!

Cheers,

Happy time

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  • Ashish Taneja

    I’m with you in EUR CAD short, similar entry and it got me nervous as well. Maybe we entered too early ? But it seems to be setting up nice considerng:
    1. ECB easing
    2. Cad strength due to Oil
    3. Trend line
    lets see if we meet the TP.

    • Still kept this trade open? Those sharp pullbacks are really making me nervous! So far it’s still below the trend line but hasn’t shown much downward momentum so I’m a bit worried…

      • Ashish Taneja

        Closed this one out with some profit. looking for a re entry

  • Ashish Taneja

    EUR/AUD short , AUD/NZD,- Long as well.

    Can’t post too much information like yourself here but Tech & Fundies support.

    • Looks like your EUR/AUD short is working out well!

      • Ashish Taneja

        Its still consolidating, lets see..
        AUd/NZD hit my stop.

        • Thanks to Draghi’s speech, EURAUD is getting more movement now. Hope you kept your short position open!

  • Ashish Taneja

    Also, keep the posts coming mate.

    We might not comment on every posts but i do follow them religiously and they do seem to give a strong perspective.

    Ride ’em pips !

    • Aww, thanks for the kind feedback and for checking my posts out regularly. See you around!