Welcome trading legends,
In this post, we’ll be trading the AUD/CAD asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The Australian Dollar may be readying to extend gains against the US Dollar after AUD/USD confirmed a breakout above a Descending Triangle chart pattern. The latter is typically a bearish formation but it can at times signal a resumption of the previous trend. In this case, it would be an extension of gains from March through the middle of August.
The Aussie has also confirmed a push above the 50-day Simple Moving Average. Prices are facing August highs. Taking out the latter exposes peaks from June 2018. Otherwise, descending through the 0.7006 – 0.7043 support zone could shift the technical landscape to bearish.
The Australian Dollar is struggling to rally against the Canadian Dollar after AUD/CAD pushed above the 0.9396 – 0.9445 inflection zone. Resistance seems to have been established at 0.9516, with the 50-day SMA also holding. In fact, in September a bearish ‘Death Cross’ formed after the 20-day SMA crossed under the latter.
As such, it remains in play. Confirming a push above 0.9516 may overturn this signal, placing the focus on peaks from July, August, and September. Climbing above the latter exposes the June 2018 high at 0.9934. Downtrend resumption entails a drop-through 0.9251 towards the 0.9061 – 0.9019 inflection zone.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. May the Forex be with you.
Moreover,
A new variant of the coronavirus that is thought to be more transmissible than previous versions has spooked markets with fears that it could derail the world’s economic recovery. It has poured cold water on hopes that the introduction of vaccines would spur a quicker recovery and reinforced the idea that tough lockdown measures will be needed well into 2021.
Attention is on the UK, which has had travel restrictions imposed by several countries after health secretary Matt Hancock warned the new variant was getting ‘out of control’. France has closed its border with the UK, although it is reported to be working on new health protocols to ‘ensure that movement from the UK can resume’.
Several other countries – including Germany, Italy, Ireland, Turkey, India, Hong Kong and Canada – have also stopped incoming flights from the UK.
UK prime minister Boris Johnson is to chair an emergency Cobra meeting today, while the European Union is also meeting to discuss their joint approach to the issue.
New $900 billion stimulus package agreed
A new $900 billion economic stimulus package was agreed by politicians in the US late last week, just hours before existing funding was due to run out and plunge the country into a government shutdown. The new package replaces the $2.2 trillion package introduced in March, when the coronavirus began to ravage the economy.
The package includes cheques for those that have fallen on hard times because of the pandemic and further funding for businesses in trouble, as well as money to cover the cost of vaccinating its huge population.
The agreement is significant and is expected to be passed by both houses of Congress when votes are cast later today. If approved, it would then be signed-off by outgoing president Donald Trump.
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