As you'll remember in my previous post of 2 Weeks ago I gave details of 5 currency pairs each demonstrating early stages of set-ups I tend to follow before entering a trade.
As things stand I've not entered trades in any of them as yet. For one of them I missed the chance as the move began overnight therefore making the risk/reward ratio a little less favourable, one I forgot about, one didn't play out as expected, one still hasn't finished the set-up and one is very close to decision making time.
As any regular readers will already know, I had a wonderful swing long on this pair throughout the summer of 2011 and have since been waiting for it to show it's hand as to the next direction.
This Week there have been some developments and it's getting closer to giving us some clues as to whether it will finally reverse at the current resistance or at the very least offer a credible trade-able correction.
I'm not convinced by AUD:CAD's recent rally and although I have mixed feelings for both currencies in the short term, the price action seen over the last couple of weeks may warrant AUD CAD being on the watch list.