We can see a beautiful uptrend on AUD/CAD on the 1D timeframe with the price approaching the trendline.
Looking to see what price does around the 0.88000 support level.
Potential buys if it respects the support level and the trend line and bounces back.
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We can see that just before the market close, there was a rejection from the area of support we drew around the .88000 area as well as the trend line. Will wait and see if we get a good push upwards in the coming days when the market opens.
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AUD/CAD is up more than 100 pips from the rejection of that trend line and area of support.
The support zone looks strong, as the price has been respected multiple times in the past. An ascending trendline with at least 3 touches aligning with the support zone is a good sign of bullish momentum coming into the market. Let's see how this plays out.