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AUD/CAD Pulls Back Off of the Highs

AUD/CAD Pulls Back Off of the Highs

Thomas Long, Course Instructor

This daily chart of the AUD/CAD shows a market that is in an uptrend based on the series of higher highs and higher lows off of the June lows. However, the market now sits below that high after having moved down through the .9900 level. That move down through .9900 changed our bias from bullish to neutral, but a move back up through the 1.0110 level noted on the chart would result in a bias from neutral back to bullish. At that point, I would start looking for buying opportunities once again.

AUDCAD_body_73333d1291220159-trend-day-audcad-1201.png, AUD/CAD Pulls Back Off of the Highs

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.