Nothing much has changed in terms of bias from the last post I wrote on this pair. https://www.terraseeds.com/blog/2014/06/audcad-finds-support-psychological-level-1-0000/
On the higher time frame of the Weekly charts, it is clear that price is still very much supported by a previous year low (2012).
Weekly Analysis of AUDCAD – Week 32
- Price is currently travelling within a weekly upward equidistant channel while having broken out of a downward daily channel.
- On a week to week view, unless this current week (#33) is able to close below previous two weeks low, the market sentiment will still be more prone towards bullishness.
Looking at the Daily charts, signs and clues of the upward bias can be seen.
Daily chart of AUDCAD supports upward bias
- Previous WRMB of previous 2 months lows
- Price has broke above the top of the equidistant channel and is validating it as support.
- Price although was resisted by previous month high, however it did not fall back into the channel.
On the H4 charts, recent candles reveal an immediate resistance which meets the F5 level (Fib-R from pt1 to pt4)
Immediate Resistance seen on H4 of AUDCAD
Price needs to clear this resistance to re-test the next level at F6. Beyond that it would need to clear the huddles of previous 3 months highs with the last near the high of the Weekly channel.
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