AUD/CAD Daily Resistance vs. Monthly Support

AUD/CAD Daily Resistance vs. Monthly Support

The AUD/CAD shows a unique situation when it comes to technicals.

The left Daily chart shows the price touching the 100-period moving average. The current momentum is low due to the Easter holiday break, though. Just above the 100-period moving average, the long-term 200-period moving average is waiting. The 200-period moving average has been used multiple times in the past as strong resistance as the Daily chart shows.

The right Monthly chart shows a different picture. The price just created a squeeze (or trap) pattern below the lows of the 2010 lows. A squeeze often sets up trends away from the long wick. The current monthly candle for April shows the bullish momentum after the squeeze. The next strong resistance on the Monthly chart is the 0.92 price level.


 

Comment ( 1 )

  • Blessed Mathew

    Thank you so much for this sir.. So we are looking at a BULL RUN all the way to 0.92 resistance sir??

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