Forex analytics and overview
AUD/CAD Testing Key Support
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.
