There is a lot being said about social sentiment and how we can leverage the power of social media to help us in trading. While there are many articles abound, I decided to give this a try.
The AUDCAD pair caught my fancy, most importantly the steep downtrend of this pair. It brings to mind the classic question, is the bearish run done with or is there a bit more left for this pair.
So I decided to turn to social media to figure out what’s happening with this pair. But not before doing a bit of technical analysis myself to see what’s the best way to go about trading the AUDCAD. To keep it simply, my TA tells me to short the pair with a potential target around 0.95. The next step was to look to the social sentiment in regards to this pair and needless to say there is an overwhelming voice of shorting the AUDCAD.
Having searched around a bit more, I came across a particular article from efxnews.com where Credit Agricole mentions taking a long position, targeting 1.03 something with stops at 0.94, which sort of put a wrench in the wheels. None the less, this compelled me to search further and I came up with a compilation of the top AUDCAD recommendations for June/July, which you can find in the attached PDF file.
I’ve also put in this embedded twitter search for AUDCAD to monitor my trades on an ongoing basis.
It would be interesting to see how this pair shapes out. The ideal scenario would be to close my shorts around 0.95 and take a long all the way through to 1.03 (if Credit Agricole does get it right).
And here’s an interesting video on AUDCAD analysis.
Click on any of the buttons below to download the compiled document on AUDCAD. Note that i’ve only mentioned some of the more important commentary on AUDCAD. I might be updating this document on an on-going basis, so the current version is updated as of 27th June, 2013.[sociallocker]Click to download File[/sociallocker]