AUDCAD Returns from 7 Months low

The Australian dollar have been in throes for the last 7 months reaching 0.91049 since Oct 2018. It is simply the fact that Canada has been stronger than the Australian dollar which made it extremely cheap, giving buyers an opportunity to buy. Talking only fundamentals on this idea, we have a trend line constantly being respected by two resistance levels which may result to our third resistance level that could potentially be our target price at 0.92813 and which that area is in between 50.0% and 61.8% fib zone. If we were to go bullish on this pair our risk price will be at 0.91306 and having two target prices (TP1): 0.91049 & (TP2): 0.93190 if it breaks our first TP and our ratio is 1:24. For additional confirmation using the stochastic, we get a firm understanding that Sellers are exhausted which the stochastic is insanely oversold.

Comment:

The Australian dollar have been in throes for the last 7 months reaching 0.91049 since Oct 2018. It is simply the fact that Canada has been stronger than the Australian dollar which made it extremely cheap, giving buyers an opportunity to buy. Talking only fundamentals on this idea, we have a trend line constantly being respected by two resistance levels which may result to our third resistance level that could potentially be our target price at 0.92813 and which that area is in between 50.0% and 61.8% fib zone. If we were to go bullish on this pair our risk price will be at 0.91306 and having two target prices (TP1): 0.92813 & (TP2): 0.93190 if it breaks our first TP and our ratio is 1:24. For additional confirmation using the stochastic , we get a firm understanding that Sellers are exhausted which the stochastic is insanely oversold.