After fourth test of support on level 0.9400 bears reached its purpose and support was breached. The price was so low last time in August 2013. At the same time there’s only 100 pips left to the next support. Its breakthrough could lead price to a level 0.8600 and below. After a bounce, level of 0.9400 will be resistance to upward movement. Next resistance is 0.9740.
Time-frame H4
Downward trend on AUDCAD for a month took the form of a channel. The lower limit of the channel has been tested od Tuesday and since then the price is trying to bounce back. If the bulls break through resistance at 0.9360 this bounce may lead price to 0.9500, where is another resistance and the upper limit of the downward channel.
