AUD/CAD TECHNICAL PRICE FORECAST: BEARISH
The Australian Dollar’s breakdown against the Canadian Dollar has pushed AUD/CAD lower since its February swing high. Price action has formed a Falling Wedge pattern, and while is in itself bullish, prices may continue lower until a break above the pattern’s upper limit occurs.
Another notable event in price action occurred last week, with a break below the 200-day Simple Moving Average (SMA). The currency pair subsequently moved higher near the end of the week and now sits nearly square with the major SMA. Moreover, current action lies with an area of price congestion from the November-December range. All things considered, the wedge’s upper and lower limits will be key to watch.
The Australian Dollar’s breakdown against the Canadian Dollar has pushed AUD/CAD lower since its February swing high. Price action has formed a Falling Wedge pattern, and while is in itself bullish, prices may continue lower until a break above the pattern’s upper limit occurs.
Another notable event in price action occurred last week, with a break below the 200-day Simple Moving Average (SMA). The currency pair subsequently moved higher near the end of the week and now sits nearly square with the major SMA. Moreover, current action lies with an area of price congestion from the November-December range. All things considered, the wedge’s upper and lower limits will be key to watch.
Trade closed: target reached
