FOREXCOM:AUDCAD   Australian Dollar/Canadian Dollar
My bias this week on AUDCAD is long. Upon hitting historical support on the daily, price has reacted with an inverted hammer candle and closed bullishly on Friday (potential profit taking for the bears). Biggest question here is whether enough sellers will buy back their positions at this level to change the bearish momentum. MACD shows divergence on the 240 chart, and RSI shows an oversold signal on the daily. I'll consider this position with a TP level at the daily 50EMA, 38.2% fib level.
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