Hey Traders, in today's trading session we are monitoring AUDCAD for a selling opportunity around 0.88200 zone, AUDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 0.88200 support and resistance area.
The prevailing bearish sentiment in the stock market is poised to exert downward pressure on AUDCAD, primarily due to the pair's correlation with equities. As AUD is considered a commodity-linked currency and often moves in tandem with global stock markets, the recent downturn in stocks has contributed to a positive correlation between AUD and AUDCAD. Consequently, the ongoing bearish momentum in equities is expected to translate into downward movements in AUDCAD, reflecting the interconnectedness between currency pairs and broader market dynamics.
Trade safe, Joe.
The prevailing bearish sentiment in the stock market is poised to exert downward pressure on AUDCAD, primarily due to the pair's correlation with equities. As AUD is considered a commodity-linked currency and often moves in tandem with global stock markets, the recent downturn in stocks has contributed to a positive correlation between AUD and AUDCAD. Consequently, the ongoing bearish momentum in equities is expected to translate into downward movements in AUDCAD, reflecting the interconnectedness between currency pairs and broader market dynamics.
Trade safe, Joe.
Note
Decent rejection of the trend, but from the resistance area below of 0.88150
Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.