The following is weekly AUDUSD & USDCAD technical analysis with limit orders for the week of October 24 to 28. See previous weeks results and new technical outlook with three Forex limit orders to help increase your trading success.
The USDCAD limit order from 1.3022 level, with a stop at 1.297, has successfully reached 1.310/1 area. While our USDCHF limit order at 0.9905, with a stop placed at 0.9925, fell to even broken below our first target at 0.9865.
Based on this week’s Forex technical analysis, we have the best risk/reward limit orders for USDCAD currency pair.
USDCAD technical analysis with limit orders
Looking at USDCAD technical analysis from weekly timeframe the pair continuous to trade to the upside. The previous week’s bearish correction was concluded following a rebound from 20 week moving average, in turn forcing weekly MACD bars to form higher above a neutral 0 level. This, in combination with upward sloping 20 & 100 SMAs, indicates that the underlying trend has shifted to bullish and thus we should be more cautious with bearish USDCAD trade setups.
That said, a price correction of 350 pips over the past three days has approached a major resistance area at 1.40 custom Fibonacci -10% retracement zone. From here we have two USDCAD trade opportunities.
We can expect the price to rebound from 1.3378 and 1.3398 levels and use this as an opportunity to short USDCAD first towards 1.3302 and possibly to 1.3240 as a second target.
AUDUSD technical analysis with limit order
Turning to our second Forex technical analysis pick of the week – AUDUSD, the pair remains trading in consolidation as it approached the end of a narrowing triangle. Therefore, we could expect further price direction to be determined based on a breakout in few weeks time. At the moment, expectations are biased to the upside given an upward sloping 50 week moving average.
Our Forex trade opportunity for AUDUSD is based on an expectation of a bullish rebound from 0.7562 support level towards 0.7615 resistance. Yet, we should take this order with half of a usual entry size given the ongoing consolidation phase.
Weekly Forex limit orders for USDCAD, AUDUSD
The following are our three limit orders based on this week’s Forex technical analysis for USDCAD and AUDUSD:
USDCAD sell limit order @ 1.3378 with SL at 1.3422 and TP at 1.3302 & 1.3240.
USDCAD sell limit order @ 1.3398 with SL at 1.3452 and TP at 1.3302 & 1.3240.
AUDUSD buy limit order @ 0.7562 with SL at 0.7525 and TP at 0.7615.