Hints for Trading AUDCAD Today

Google+ Pinterest LinkedIn Tumblr +

After a rapid downward movement, the bears managed to reach the lower bound of the green channel.  It is not yet clear what scenario the market will choose for the next move.

If the rebound from the lower bound of the green channel is confirmed, we will see the market grow in the direction of the upper wall of the yellow channel and the resistance level of 0.899. Then, when this level is broken, the way to the upper bound of the green channel and the next important resistance of 0.917 will be opened for the bulls.

However, if the bears manage to break below the support level of 0.899 and go below the green bound, they will be able to continue moving down to the lower wall of the yellow channel and the support level of 0.875.

The approximate scheme of possible future movement is shown on the chart.

Share

About Author

Leave A Reply