SimpleFX AUDCAD Chart Analysis: October 8, 2019

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After the rapid fall of the market from the upper bound of the yellow channel to its lower wall, we saw the price rise in the central zone of the channel. It is quite likely that at the moment the market is moving in an upward direction to the upper yellow bound and the resistance level of 0.909. This is the main option. In favor of the implementation of this scenario is the fact that the price went above the moving average line, and then we saw a rebound up from this line, which may indicate that the uptrend has good potential. An alternative option, according to which the price will fall to the support level of 0.881 and the lower bound of the yellow channel will be implemented if we see a breakdown below the moving average near the level of 0.895.

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