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AUD / CAD (AUDCAD)

DavidApol · 16 · 19307

DavidApol

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on: Sep 30, 2013, 03:39 PM
AUDCAD Supported by the 0.96 Level + 23.6 Fibonacci Level



In the H4 chart, it can be seen that price has been travelling inside a bullish channel since August. The pair is currently testing the 23.6 Fibonacci level, which is also in the area of a major psychological level (0.96000). If price fails to penetrate the support, it is expected to bounce upward.

Risk to be considered: positive expectations on Canadian GDP.

To read the full trading recommendation, please click this link: http://metisetrade.com/index.php/research?menu=s-technicalreport&code=DAAP


MetisEtradePR

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Reply #1 on: Sep 24, 2014, 06:04 PM


Support and Resistance Level

The inverted flag formation recently broken in AUDCAD is currently being retested as the currency pulled back after the breach. Failure to break through resistance at 0.98511 would most likely take prices to support at 0.96113.



Trend Indicators

The 100-day (red line) and 200-day (blue line) simple moving averages show that there is an impending trend shift in AUDCAD as the fast moving average is about to be overlapped by the slow moving average. A cross of these would confirm the downtrend in the pair.



Oscillators


The relative strength index on the 4-hour chart supports the trend shift that occurred in the currency as the index slipped below pivot level 50 last week. Currently, the index is at level 44.45, still indicative of strong bearish momentum in AUDCAD.



ferrariEverest

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Reply #2 on: Sep 24, 2014, 06:50 PM
The inverted flag formation
Sorry, that is not a flag. That is a channel.

The flag pole of a flag is usually longer than the flag itself. Have you seen a flag with a shorter flagpole, in real life?


Dogberto

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Reply #3 on: Sep 24, 2014, 11:23 PM
Sorry, that is not a flag. That is a channel.

The flag pole of a flag is usually longer than the flag itself. Have you seen a flag with a shorter flagpole, in real life?

LOL complaints :boxing:
I think he/she was referring to the period from approximately 1-June 2014 up to 24-August 2014.


ferrariEverest

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Reply #4 on: Sep 25, 2014, 07:55 AM
Complaints?? Hindi naman ako client ng Metis, bakit ako magrereklamo?

I am not complaining. I am CORRECTING their analyst.

Spokesperson ka ba ng Metis? Why are you making postS on their behalf? Hindi ba sabi mo demo trading ka pa lang? It's surprising you're so confident to reply even when you don't know what you are talking about... unless you are a paid poster for Metis??

Below the first chart, eto sabi niya "The inverted flag formation recently broken in AUDCAD is currently being retested as the currency pulled back after the breach. Failure to break through resistance at 0.98511 would most likely take prices to support at 0.96113."

I will apologize if necessary, but until he/or both of you could disprove me, my observation and correction stands. It is a channel and not a flag.

Wag po tayo magkalat ng misinformation or confusion. If you want to educate people, PLEASE do it correctly. Please hire competent people. Don't just hire anybody. People know you've been hiring lately.
« Last Edit: Sep 25, 2014, 08:13 AM by ferrariEverest »


Dogberto

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Reply #5 on: Sep 25, 2014, 11:19 AM
Complaints?? Hindi naman ako client ng Metis, bakit ako magrereklamo?

I am not complaining. I am CORRECTING their analyst.

Spokesperson ka ba ng Metis? Why are you making postS on their behalf? Hindi ba sabi mo demo trading ka pa lang? It's surprising you're so confident to reply even when you don't know what you are talking about... unless you are a paid poster for Metis??

Below the first chart, eto sabi niya "The inverted flag formation recently broken in AUDCAD is currently being retested as the currency pulled back after the breach. Failure to break through resistance at 0.98511 would most likely take prices to support at 0.96113."

I will apologize if necessary, but until he/or both of you could disprove me, my observation and correction stands. It is a channel and not a flag.

Wag po tayo magkalat ng misinformation or confusion. If you want to educate people, PLEASE do it correctly. Please hire competent people. Don't just hire anybody. People know you've been hiring lately.

Hayz cool ka lang huwag sobrang drama!  I am not in any way defending Metis.
Tama ka naman may channel diyan... anyone can see those parallel dotted lines.

However, I think you should scroll to right of the graphic to see the inverted flag patterns.
(Also check http://www.chartpattern.com/flags_pennants.html)
They are a signal of bearish downtrend, so I guess that's the reason why he/she was recommending a short sell... pero may mali siya dito: "Failure to break through resistance at 0.98511 would most likely take prices to support at 0.96113"

That .98511 level should be called support not resistance.
Aside from that, nagkamali din siya sa analysis ng .98511 being a good support.
It should have been closer to the 1.0000 to 1.00375 level.
Kaya siguro hindi nahit ang entry point ng trade nito kagabi as prices did not go lower and instead went up (retrace).
« Last Edit: Sep 25, 2014, 11:21 AM by Dogberto »


Dogberto

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Reply #6 on: Sep 25, 2014, 01:25 PM
UPDATE:  Due to RBNZ talking down the NZD this morning, the AUD was affected & went bearish http://www.businessweek.com/news/2014-09-24/rbnz-s-wheeler-says-kiwi-unsustainable-mentions-intervention Thus, the entry point of .98151 was hit and trade became profitable!  Hehe sayang lang I wasn't able to ride this wave down because I cancelled my pending order last night :harhar:


ms_overthinker

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Reply #7 on: Sep 25, 2014, 06:30 PM
I will apologize if necessary, but until he/or both of you could disprove me, my observation and correction stands. It is a channel and not a flag.

Sir, if you are a seasoned trader, i think you should be able to understand that charts can be interpreted in different ways. What you see in the chart may not be the same as what another person sees. That doesn't mean they're incorrect.

At the end of the day, it is your discretion to follow the analysis.
« Last Edit: Sep 25, 2014, 06:36 PM by ms_overthinker »


MetisEtradePR

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Reply #8 on: Sep 25, 2014, 06:47 PM
Thank you for pointing that out. It's not uncommon for people to see charts differently. Though, as it is channel or inverted flag (as a flag is comprised of a pole or drop and a channel that is angled against the predominant trend) the prices were in consolidation.

As of the moment, prices failed to break through the resistance at 0.98511. It is the resistance on the premise that at the time of writing prices were already and have been printing below 0.98511 the entire week. Furthermore as prices would show the trade has already triggered and is currently heading towards the support at 0.96113. The chart is on the weekly time frame, thus the analysis may take several days depending on the prevalent market volatility.


MetisEtradePR

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Reply #9 on: Oct 03, 2014, 07:23 PM


The Aussie has generally been depreciating for the past few weeks on less positive outlook on Australia’s biggest trading partner—China. Given that Australia is a commodity exporter, the demand for their exports is an important component in their economic growth. Australia’s trade balance was released to be at a deficit of .79 Billion for the month of August. This is the lowest trade deficit in four months. A separate report showed that Australia’s August building approvals rose by 3.0%, better than the expected 1.1%. The data is also higher than the previous month’s revised 2.1% increase. Building approvals signal higher future economic activity for an economy since construction requires demand for supplies and employment. These reports influenced the appreciation of the Aussie relative to the Loonie.

A short-term buy position in AUDCAD is recommended. A small exposure is advised since there is risk for the Aussie to fall further on signs of possible lower import demand from China.


MetisEtradePR

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Reply #10 on: Nov 25, 2014, 05:44 PM


Support and Resistance Level

AUDCAD has been consolidating after the breakdown from the uptrend last September. A possible continuation of this consolidation should be taken advantage of by buying after a confirmation of a rebound from the support level at 0.96810. Profit-taking should be done before the resistance level at 0.98311.

Trend Indicators

The 10-day (red line), 20-day (blue line) and 50-day (orange line) simple moving average of the AUDCAD chart reveals that the currency pair has been consolidating for over a month. There is a possibility for the currency pair to continue its consolidation and retest the near resistance level. The simple moving averages can serve as a resistance level of AUDCAD.

Oscillators

The relative strength index (RSI) of the AUDCAD four-hour chart reveals that the currency pair is nearly overbought at 36.44 RSI level. A breach of the 40.0 RSI level confirms that the currency pair will rebound from the support level.


MetisEtradePR

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Reply #11 on: Dec 19, 2014, 04:43 PM


Support and Resistance Level

The weekly chart reveals that AUDCAD has generally been moving in a downtrend since early 2014. The currency pair is near the channel support level of the downtrend at 0.94281. A sell position is recommended at the break of this support level. Profit-taking should be done before the secondary support at 0.92078 is reached.

Trend Indicators

The 10-week (red line) and 20-week (blue line) simple moving average of AUDCAD confirms that the currency pair has generally been moving in a downtrend since early 2014. The currency pair will possibly pursue this downtrend continuation.

Oscillators

The relative strength index (RSI) of the four-hour chart reveals that the RSI level is currently at 40.94. Since the currency pair’s RSI is between 60.0 and 20.0, this confirms that the currency pair is moving in a downtrend. The break of the 40.0 RSI level indicates that the currency pair is near oversold and this selling pressure will possibly push the currency pair down further.


MetisEtradePR

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Reply #12 on: Jan 30, 2015, 06:17 PM


For the month of October, Canada’s economic growth was reported to be at 0.3%, higher than the projected 0.1%. Canada’s growth data for the month of November will be released tonight. The Canadian economy is expected to have contracted by 0.1% due to the effect of falling oil prices. The BOC projects a yearly growth of 2.2% in 2015 from 2.5% growth in 2014. The confirmation of a contraction in the Canadian economy could weaken the Loonie further. The data could have a huge impact on the economy especially after the BOC decision to unexpectedly cut interest rates in order to counter the risks brought about by falling oil prices.


MetisEtradePR

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Reply #13 on: Feb 13, 2015, 05:09 PM


Support and Resistance Level

Looking at AUDCAD pair with the H1 time frame, the Aussie dollar has been rising steadily against the loonie. Once the price breaks out of the resistance of 0.97420, the price may continue to rise until it hits the secondary resistance at 0.98305. I would like to suggest putting a BUY STOP position with the entry point of0.97553, a take profit of 0.98172, with a stop loss of 0.97287. Be careful though, if you enter too early, the price may bounce of the initial resistance to a low price of 0.95974.

Trend Indicators

The 100-hour (red line) and 200-hour (blue line) simple moving average of AUDCAD reveal that the commodity has generally been moving in a sideways direction. This indicates that the price can go either ways. The simple moving average can serve as a resistance level of the downtrend. A break of this level is uptrend indication.

Oscillators

The relative strength index (RSI) for AUDCAD at the daily chart reveals that the currency pair is neither overbought nor oversold at 59.4406.


MetisEtradePR

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Reply #14 on: Mar 27, 2015, 06:43 PM


Support and Resistance Level

AUDCAD has been consolidating since last year. This consolidation has been forming a triangle chart pattern. The currency pair will possibly test the channel support of the chart pattern formation at 0.96810. A buy position should be taken after the rebound from this support level. Profit-taking should be done before the resistance level at 0.98774.

Trend Indicators


The 100-day (red line) and 200-day (blue line) simple moving average of AUDCAD confirms that the currency pair has been consolidating. The 100-day and 200-day simple moving average can serve as a support and resistance level of the consolidation.

Oscillators


The relative strength index (RSI) of the AUDCAD four-hour chart shows that the currency pair is neither overbought nor oversold. The RSI is currently at 41.53. An RSI between 40.0 and 80.0 indicates an uptrend. Therefore, a buy position is recommended.


 


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