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AUD/CAD Signals Bullish Continuation with a Breakout
The AUD/CAD is seen in the daily chart breaking above a falling consolidation channel. It has been falling from the 2014-high at 1.0350 to 0.9937. Here are a few observations in the daily chart: 1) Price structure of the rally from the 0.9411 to 1.0350 looks to be motive/impulse, while the decline from 1.0350 to 0.9937 looks corrective. 2) Price has stayed above the 200-day SMA during the consolidation. Not only that price is now clearing above the 100- and 50-day SMAs as well, showing that bulls are back in charge. 3) The RSI is now pushing above 60. If the RSI can clear above 60, it would reflect a loss of the ... (full story)
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- Jul 30, 2014 9:57am Jul 30, 2014 9:57am
- ForexMinute
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- Rtm
- Joined Jan 2011 | Status: dump and pump | 913 Comments
All posts are my personal opinion
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- Jul 30, 2014 10:17am Jul 30, 2014 10:17am
- ForexMinute
- | Commercial Member | Joined Oct 2012 | 182 Comments