Since the beginning of January AUDCAD moved down. In this particular time support at area 0.9820 – 0.9840 stopped declines. Yesterday this support was broken below and price sharply fell 100 pips reaching 0.9730. Support at 0.9730 is very strong, it can be seen at weekly TF. Price rebounded at indicated level and upward movement continues today.

Currently there is attempt of return above area 0.9820 – 0.9840 and according to the rule of poles changing it is now resistance. If demand breaks above next target for upward movement will be 0.9970. However if supply wins and price falls below 0.9820, nearest target for falls will be at 0.9730.

Try FX GROW. Spread from 0.00001 also STP/ECN execution, full transparency. FxGrow launches new feature packed Website with technical analysis and economic calendar.

Time-frame H4

AUDCAD-H4

Leave us a comment!

Error, group does not exist! Check your syntax! (ID: 3)