AUDCAD is trapped in a Channel Up formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 0.9109 is expected in the short term.
Related Posts
Could a large bearish move on AUDNZD be a sign of things to come?
AUDNZD hits 1.0843 after a 0.72% move spanning 11 hours.
EURCAD may be on a start of a new bullish trend after its breakout through this important resistance level
EURCAD has broken through a resistance line. Because we have seen it retrace from this price in the…
A Falling Wedge has formed, AUDJPY is approaching resistance. Can we expect a breakout and the start of a new trend or a reversal?
AUDJPY is heading towards the support line of a Falling Wedge and could reach this point within the…