AUDCAD (D) – medium term bearish bias
Friday’s price action failed to rally above the September high of 0.9140, the long wick suggests a strong rejection from that supply area. The pair is likely to pull back towards the rising trend line which forms the lower end of the pennant from the September sell-off. A break below the line would invalid the psychological level of 0.9000, and we may expect a new round of sell-off in continuation of the bearish trend as a result.
Key support: 0.9000
Key resistance: 0.9140
Friday’s price action failed to rally above the September high of 0.9140, the long wick suggests a strong rejection from that supply area. The pair is likely to pull back towards the rising trend line which forms the lower end of the pennant from the September sell-off. A break below the line would invalid the psychological level of 0.9000, and we may expect a new round of sell-off in continuation of the bearish trend as a result.
Key support: 0.9000
Key resistance: 0.9140