Here is a remind of one of my long term trades, AUDCAD: on the weekly we see that last year in November we broke a important trend line and went near 1.0200 area. However, since then we can see that this market is now correcting and *maybe* we can see a re-test of this trend line.
On the other hand, on the Daily we can see that we might be in a channel but we have a strong horizontal line at 0.9747 which will try to hold this market.
Keep in mind that this pair is on my Long Term trades for 2016, so do not expect to close this trade in less then 3 weeks. The TP for this trade will be around the 1.0300 level.
By Thiago Duarte
Chief Strategist at Duarte Investment Group
thiago@duarteinvestmentgroup.com
@thiagotrader
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