AUDCAD currency pair for several weeks fluctuates around important resistance 1.0085 coinciding with the measuring 61.8% Fibonacci correction, where last week there was a strong supply-side response.

On the weekly chart we can see, therefore pin bar bearish candle rejecting the said zone. An additional confirmation of supporting downward scenario in the near future is also the current situation on the oscillator Stochastic indicating a strong overbuy.

AUDCAD Weekly

Looking on daily chart we see that the permanent rejection of the current zone could cause a decline even in the vicinity of 0.9610 level while the first reaction od demand we expect in support area 0.9860.

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AUDCAD Daily

On 4-hour chart, we see also that as a result of Friday’s declines market defeated the upward trend line, which is now re-tested from the bottom as a resistance. On the previous candle formation we observe emergence of bearish reaction which drawn a bearish pin bar.

AUDCAD H4
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