Australian dollar analysisAfter an impulsive move down to break a 6 month support, the Canadian dollar has found some support and spent the last 5 days in retracement. As price approaches the 38.2 Fibonacci retracement level of the current downtrend, we see that same level shows to also be previous key support and resistance. Watching the .75 key level for reversal and downtrend continuation.
6A1! trade ideas
Australian Dollar buy setupHere we see price approaching 4 month support level, the last test of the support reversed at a higher low, this current test of support has again paused at a higher low then the previous test. There are also reversal candlesticks at the current level, if price breaks above the current range high of .749, looking to go long.
