Hello Trading friends
Here we can see AUDCAD reaching what I would describe as a strong area of support/resistance with the trend line respecting it over a long period of time.
I can see price taking this trend line into consideration again as it reaches the 0.915 area where it has been respected thoroughly in the past.
Over the course of the week I would expect to see further respect of the area as it drops, awaiting for signs of a reversal on a 4H timeframe when it reaches this zone.
Don't forget to drop a like and a comment, what's your views and where do you see AUDCAD going?
Thanks, Roo.
Here we can see AUDCAD reaching what I would describe as a strong area of support/resistance with the trend line respecting it over a long period of time.
I can see price taking this trend line into consideration again as it reaches the 0.915 area where it has been respected thoroughly in the past.
Over the course of the week I would expect to see further respect of the area as it drops, awaiting for signs of a reversal on a 4H timeframe when it reaches this zone.
Don't forget to drop a like and a comment, what's your views and where do you see AUDCAD going?
Thanks, Roo.
AUDCAD begins to reach the top area of resistance, good if you chose to buy at the start of play today, however, if you didn't no worries at all! Theres still an opportunity to sell if you're patient! I've provided a snapshot of a slightly updated chart, Thanks.
Roo :)