By: DailyForex.com
Currency: AUD/CAD
Trend Expected Direction: Down
Method: Ichimoku, Technical Analysis
Description: The AUD/CAD pair changed its direction after it hit a descending trend line originating in February. On 4 hour time frame, prices fell below the Ichinoku cloud and the Tenkan Sen line crossed below the Kijun Sen line, indicating that the bears are increasing their strength. Since the stop and profit levels are far from the current price, I would recommend small position.
Recommendation: Short
Target Area: 1.0260 & 1.0190
Stop-Loss: 1.0430
