AUDCAD works on corrections, then falls.
In September, the price came to a strong resistance line, which led to a strong price collapse.
After that, she worked out the correction, but was unable to return the previous positions.
It fell again to a local minimum. Broke the support line.
And only after that the uptrend began.
The price has been growing (with pullbacks) throughout the month, and even managed to break through several support zones. However, now it has again come to the same resistance line.
This line appeared in July 2020, the price had only a few touches, but each of them ended in a trend reversal.
An example is the situation in September.
Yesterday the price touched it at the 0.959 point and dropped.
However, I expect the price to be:
First, it will correct to the resistance line.
Then - it will fall to the support zone.
There will be enough momentum to break through the nearest support line.
Target - zone 0.947.
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
After that, she worked out the correction, but was unable to return the previous positions.
It fell again to a local minimum. Broke the support line.
And only after that the uptrend began.
The price has been growing (with pullbacks) throughout the month, and even managed to break through several support zones. However, now it has again come to the same resistance line.
This line appeared in July 2020, the price had only a few touches, but each of them ended in a trend reversal.
An example is the situation in September.
Yesterday the price touched it at the 0.959 point and dropped.
However, I expect the price to be:
First, it will correct to the resistance line.
Then - it will fall to the support zone.
There will be enough momentum to break through the nearest support line.
Target - zone 0.947.
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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