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USDCAD setup but could take a while

Ok so there is a HUGE possible double top going on in USDCAD but treat with caution. With oil prices falling there is pressure on the loonie for a drop *BUT* watch out folks.

You can see the cross but caution is needed, we’re stuck in quite a lot of resistance caused by a choppy market.

My preferred trade order, that you can see is down in that huge gap way down at 1.08090 target 1.07150, could take days or even a week or so to get there, I won’t take any other trades because we only trade in large gaps.

There is a small 41 pip trade available but the risk reward is too small so I’ll hold for that big 102 pip trade.

AUDNZD short

I’m interested in shorting AUDNZD below that big clump of resistance, entry 1.09095 target 1.08139 as well you can see there is really strong support above that price so a break down could reward us with 96 pips profit.

 

 

At the moment there is very little participation in the markets so things are really slow, STRobot has gone on summer holidays and has not found any trades he likes this week.

Things are always slow in August so we will just hold. Sometimes the best trade is the wait trade.

http://www.strobot.co.uk

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