Auscad
Aus Dollar vs Canadian Dollar Analysis Aus Dollar vs Canadian Dollar Analysis on Dow theory, Bearish Market
AUDCAD continues GROW in channel At the beginning of this year, the price of the currency pair showed strong growth, during which it broke through the 0.987 resistance line - formed in September 2019 - and came to the 0.990 resistance line. After touching this line, the price reversed in the fall and stopped only at the 0.981 support line. These two lines formed a descending channel, in which the price is moving now.
During the fall in the channel, the price left the zone of the senior resistance line and continued to fall. At the beginning of this week, the fall stopped at the support line of 0.979. The price pushed off from this point and started a new growth.
I expect that the growth in the channel will continue and through the correction the price will come to the resistance line - the upper border of the channel - 0.986.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
AUSCAD S/R Short for 26/3/2020Monthly price is making lower lows. Weekly has broken down underneath previous significant level. Identical number for the neckline on the weekly & daily going back to the middle of May 2010. Daily has retested that neckline and given a bearish daily candle and a rotation in the correction up. Looking for a shorting opportunity at 0.86527.
AUDCAD Sell in support line break Sell if closed below the blue line. AUDCAD is likely to take the short trend in higher TF.
