I am looking at the AUDCAD pair for a long opportunity, the daily chart has provided some insight:
1) Price has bounced off 50 EMA (Amber line) - Circles show key points 2) Price has closed above 20 EMA (Green line) 3) Price remains in an up trend (Black trend line drawn)
Long position entered with a view to hold this over the next few days to see how it plays out.
This is a daily chart therefore a swing trade will be my approach. Don't forget risk management and position sizing!