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INFINOX_Capital
Dec 16, 2019 7:46 AM

AUDCAD – Bearish pennant Short

Australian Dollar/Canadian DollarFXCM

Description

AUDCAD (D) – medium term bearish bias

Friday’s price action failed to rally above the September high of 0.9140, the long wick suggests a strong rejection from that supply area. The pair is likely to pull back towards the rising trend line which forms the lower end of the pennant from the September sell-off. A break below the line would invalid the psychological level of 0.9000, and we may expect a new round of sell-off in continuation of the bearish trend as a result.

Key support: 0.9000
Key resistance: 0.9140
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