USDCAD update and AUDUSD trade

Yesterday I wrote some analysis on the USDCAD suggesting levels where we could be looking to sell. It seems that it played out quite well. USDCAD came very close to the 38.2 fib but didn't quite reach it as it touched the 100sma and sold off from there. However, I didn't expect such a fast moving sell off so unfortunately I missed out on that trade as I was away from my computer at the time.

USDCAD also managed to penetrate the previous support quite strongly, making a new low. This suggests that the downtrend should continue.

Although I missed out on the USDCAD trade, I was in an AUDUSD trade from before. AUDUSD had been in a downtrend previously but then broke out strongly above resistance, hinting that the trend may be changing. I entered a bit too early so I had to hang in there for a while as it moved against me.

However, my trade is now positive and moving in the direction that I have anticipated. It is now testing resistance and we will have to wait and see whether it will make a new high or not.

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