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Thread: Trend of the Day

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#602 (permalink)

07-01-2009, 07:09 AM

Gregory McLeod Gregory McLeod is offline

DailyFX Power Course Instructor

Join Date: Sep 2007

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The Trend of the Day AUD/CAD (Update)

On June 18th, I wrote:

New Highs Maybe in the Cards for Aussie Cad

Since breaking out of its 2 month range between .8600 and .9000 on June 11th, Aussie Cad has rocketed to the highs of .9300. Look for continuation of this trend for the coming days. Drop down to a 4 hour chart to place stops a little below the .9244 June 29th swing low. Use a 1:2 risk to reward target in which the limit is at least 2 times the stop.
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AUD/CAD reached a high of .9392 before pulling back exceeding my profit objective.

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