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AUDCAD 4-hr Key Reversal Bar At Resistance

AUDCAD 4-hr Key Reversal Bar At Resistance

2015-02-04 14:09:00
Paul Robinson, Strategist
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Talking Points:

  • Remaining a seller in AUDCAD as it continues its bearish ways
  • During the European session the cross tested and got rejected at resistance
  • Eyes on December low of 9395 with further weakness

AUDCAD remains in focus from the short-side as AUD continues to be weak versus other major currencies. A key 4-hr reversal bar into resistance offers another entry for the bears. I have my sights set on the December low (9395) as a target. Should it submarine down to that level I will look to re-assess, but bigger picture I expect AUDCAD to decline much lower.

AUDCAD 4-hr: Dec ’14 - Present

AUDCAD 4-hr Key Reversal Bar At Resistance

--- Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at instructor@dailyfx.com

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

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