Following up on AUD/CAD long strategy here. The cross rose as expected and hit as high as 0.9924 so far today. There is still a bit of distance from our target at 61.8% retracement of 1.0241 to 0.9553 at 1.0066.
Looking at the action bias table, 6H action bias remains consistently upside blue, which support our bullish trade. The question is, from H action bias, there seems to be not enough upside momentum as AUD/CAD comes out of a consolidation.
So, we’d hold the long position, with target still at 1.0066, but raise the stop to 0.9860, slightly below 0.9862 support. This is for locking in some profits if the current rise is a false break.
