AUDCAD has been ranging for the last week between 0.99500 and 1.00900, shown on this daily time frame. A break of the current support level that goes back to mid april opens up a new area. If the price is pushed up yet another time, it will just continue to range, because the sellers are really pushing the lower highs down.
After the LH around 7th of June the seller have really stepped up their game and pushed the price down with big long candles
The price moving to the downside of the box looks now the most possible since it's the 5th attempt to break the 0.99600 level. The 50MA is about the break the 200MA to the downside.
The high impact news for the coming week:
On AUD it's the Reserve Bank of Australia 's Cash Rate Target decision on Tuesday 4th of July
On CAD there is unemployment and change in employment numbers on Friday 7th of July
After the LH around 7th of June the seller have really stepped up their game and pushed the price down with big long candles
The price moving to the downside of the box looks now the most possible since it's the 5th attempt to break the 0.99600 level. The 50MA is about the break the 200MA to the downside.
The high impact news for the coming week:
On AUD it's the Reserve Bank of Australia 's Cash Rate Target decision on Tuesday 4th of July
On CAD there is unemployment and change in employment numbers on Friday 7th of July
Trade active
Trade closed: target reached