AUDCAD has been moving inside an ascending channel, respecting both the support and resistance levels. Recently, price tested the upper resistance of the channel around 0.9030 – 0.9040 and got rejected, forming a lower high.
Currently, price is retesting the minor support zone (highlighted in grey). If this zone breaks, I expect price to continue bearish toward the channel support around 0.8970 – 0.8980.
Resistance Zone: 0.9040 – 0.9050 (Upper channel + multiple rejections)
Support Zone: 0.8970 – 0.8980 (Lower channel trendline + horizontal support)
⚠️ A break above 0.9050 would invalidate this bearish setup.
Bias: Short-term Bearish unless price breaks and closes above resistance.
Currently, price is retesting the minor support zone (highlighted in grey). If this zone breaks, I expect price to continue bearish toward the channel support around 0.8970 – 0.8980.
Resistance Zone: 0.9040 – 0.9050 (Upper channel + multiple rejections)
Support Zone: 0.8970 – 0.8980 (Lower channel trendline + horizontal support)
⚠️ A break above 0.9050 would invalidate this bearish setup.
Bias: Short-term Bearish unless price breaks and closes above resistance.
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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.