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AUD/CAD Testing Key Support

11/15/2024

Less than a minute

2024.11.15 04:29

The has been trading in an ascending channel during the past 14 months. We are currently facing the probability of a bearish breakdown.

The pair is testing the confluence of the 61.8% Fib of the last leg higher, the 200DMA and most importantly the aforementioned channel’s T/L support at 0.9050.

From a R/R perspective obviously longs are favored here (respecting the trend). A breakdown clearly changes the technical picture and has the potential of reversing the trend. AUD/CAD-Daily Chart