It’s a battle of the comdolls!
AUD/CAD is quick approaching a key technical resistance space on the 4-hour timeframe.
Will the pair follow its sample? Or will we see a breakout within the subsequent buying and selling periods?
AUD/CAD 1-hour Foreign exchange Chart by TradingView
Larger gold costs and an enchancment in market threat sentiment are pushing the Australian greenback greater towards its Canadian counterpart to date this week.
However the Loonie would possibly nonetheless draw some assist from stronger U.S. greenback demand, whilst commodity-linked currencies take successful from falling oil costs after the Israel-Hamas peace deal.
Keep in mind that directional biases and volatility circumstances in market value are sometimes pushed by fundamentals. If you happen to haven’t but performed your homework on the Australian greenback and the Canadian greenback, then it’s time to take a look at the financial calendar and keep up to date on day by day basic information!
AUD/CAD, which has been in an ascending triangle sample since September, not too long ago bounced from the 100 SMA that traces up with the triangle’s development line assist.
The pair is now buying and selling close to the .9200 psychological deal with, which sits near the triangle’s resistance on the 4-hour chart.
A bearish bounce from this space might pull AUD/CAD again towards the .9200 deal with, the .9180 Pivot Level line, and even the .9160 space close to the 100 SMA.
But when the present upswing continues and value holds above .9220, the pair might climb towards the .9250 zone close to the R1 Pivot Level and even take a look at contemporary 2025 highs round .9300.
Whichever bias you find yourself buying and selling, don’t neglect to follow correct threat administration and keep conscious of top-tier catalysts that might affect general market sentiment.
Disclaimer:
Please bear in mind that the technical evaluation content material offered herein is for informational and academic functions solely. It shouldn’t be construed as buying and selling recommendation or a suggestion of any particular directional bias. Technical evaluation is only one side of a complete buying and selling technique. The technical setups mentioned are meant to spotlight potential areas of curiosity that different merchants could also be observing. In the end, all buying and selling selections, threat administration methods, and their ensuing outcomes are the only duty of every particular person dealer. Please commerce responsibly.
