The slipping AUD/CAD exchange rate was last week at the levels seen last year in 2010. However, under last year’s low there were purchase offers, and as a result a bullish pin bar was created on the weekly chart.
As you can see from the chart, this week’s quotes are rising after the price action pattern mentioned above occurred. Therefore, there is a chance for a deeper recovery.
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After switching to the daily chart, we can see that the nearest resistance they can now aim at is around 0.9197. Therefore, a possible test of this level will be important.
If the buyers break the resistance zone at the end of the day, the next level of defense will be revealed close to 0.9390. Maintaining the resistance would give a chance to test the support again at 0.9103.
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