The last time I analysed AUDCAD on June 11, when horizontal support within 0.9820 was tested. Quotes after rebound from this support did not manage to reach the high at 0.9330, and thus continue the short-term uptrend.

Instead, the price returned to the zone at 0.9820, which was then broken. However, as can be seen on the 4-hour chart below, the pair seem to respect the support of the downward channel, which is a level parallel to the trend line running from the maximum of the current month.

Currently, the course is located in the resistance confluence zone, where the upper limit of the channel coincides with the horizontal area within 0.9820. If this area were to be overcome, there will again be a chance to growth towards 0.9330.

In turn, if the quotations undergo the pressure of supply, the natural limitation will be the lower channel constraint. The key horizontal support for the prevailing trend is close to 0.9700.

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