Interesting level on AUDCAD around a 4hr fib retracement. Holding below the 200ema with areas of thin volume being filled and recent days POC's breaking lower.
Hourly chart has OBV and RSI divergence around the level and a potential rising wedge, would like to see OBV breaking lower accompanied by price breaking structure before rushing in.
Currently the BOC is set to hold rates in their meeting later in the week whilst the RBA is set to cut rates by a further 25bps. Furthermore, if the risk sentiment continues to be poor as tariff concerns are still very present, we might see further downside on AUD as a risk on currency.
Hourly chart has OBV and RSI divergence around the level and a potential rising wedge, would like to see OBV breaking lower accompanied by price breaking structure before rushing in.
Currently the BOC is set to hold rates in their meeting later in the week whilst the RBA is set to cut rates by a further 25bps. Furthermore, if the risk sentiment continues to be poor as tariff concerns are still very present, we might see further downside on AUD as a risk on currency.
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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.