AUD/CAD

The trend of the AUD/CAD is up nicely on the daily chart and we see a pullback off of the high. This is a potential buying opportunity.

A move down to the 4-hour chart shows that this pullback might not be done quite yet.

I have a trendline plotted to show possible support along with the Slow Stochastics (15,5,5) to show when/if a reversal can be confirmed by this indicator. The trends of most pairs seem to be losing their steam a little although I have seen no real indication of a trend change. So I would use a more conservative approach and wait for the Slow Stochastics (or another indicator) to signal the buy entry. As usual, protective sell stops should be placed under this low after the bounce up with profit target set at twice that risk.