Approaching major support on AUDCAD

7 มิ.ย. 2015

I have been frustratingly short this pair around 2 months now and eating the negative carry. As you can see this is a weekly chart and as a swing trader over the last 2 years I've been learning the value of patience. The potential for an aggressive move to the downside here is good, although IMO this pair tends to be very choppy.. so maybe an ideal trade to learn the art of patience? :)

Either way I will be playing the short side over the next couple of weeks looking for a downside target of 0.88. Be aware that we might fake-out to the downside only to break up and retest the triangle we've just broken out of before pushing down with more conviction (check the daily chart to visualise this).