AUDCAD (D) – medium term bearish bias
Friday’s price action failed to rally above the September high of 0.9140, the long wick suggests a strong rejection from that supply area. The pair is likely to pull back towards the rising trend line which forms the lower end of the pennant from the September sell-off. A break below the line would invalid the psychological level of 0.9000, and we may expect a new round of sell-off in continuation of the bearish trend as a result.
Key support: 0.9000
Key resistance: 0.9140
Friday’s price action failed to rally above the September high of 0.9140, the long wick suggests a strong rejection from that supply area. The pair is likely to pull back towards the rising trend line which forms the lower end of the pennant from the September sell-off. A break below the line would invalid the psychological level of 0.9000, and we may expect a new round of sell-off in continuation of the bearish trend as a result.
Key support: 0.9000
Key resistance: 0.9140
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.