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Short

AUDCAD SHORT and then BUY when it hits SUPPORT

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD             has had a relatively strong support (yellow line) last year, 2015, and it was violated only once, 26 Feb this year, and it lasted for a week. After the retracement there was a period of bullish trend which finished on 9 March when AUDCAD             met a strong resistance level at 1.00500.

Bullish trend continued up to the moment when AUDCAD             hit our strong SUPPORT line (yellow) and since then it has not violated it.

We have been in a bullish trend in more than half a month with AUDCAD             unable to break the support line on the graph. Red line represents resistance of the current bullish trend and recently it was hit, unsuccessfully again.Therefore, we should expect a short period of decline and the currency pair may try to hit support again. When it declines enough and market becomes oversold, one should expect the pair to bounce back up from the support and continue its bullish trend between the yellow and red lines.

RSI indicates a period of decrease followed by a period of increase. UNLESS some unexpected news violate the strong support.
End of bullish trend on 9/14th could be interpreted also as a DOUBLE TOP with failure to make a new high and V shape between the highs on 9th and 14th. There is a decline, as expected with double tops, and then a start of another bullish trend.
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