St. Louis Federal Reserve President James Bullard on the economy, the outlook for a potential interest rate hike and the changes to the Fed proposed in Congress.
Alex Joyner from Faraday Research is looking to short AUDCAD which has
been trading inside a descending triangle pattern since the start of
Last week the pair moved higher into resistance following a move by
the Bank of Canada to cut rates. Joyner says that has now been priced
in, which provides a good opportunity to short the pair.
The four hour chart shows how the price action has already begun to
rotate lower from resistance and Joyner feels this downwards momentum
should continue over the next few days.
By placing a stop above both the descending and horizontal levels of
resistance and setting a target at the lower support, the risk/ reward
ratio looks attractive, he adds.