Technical Analysis – AUDCAD consolidates above key support zone
AUDCAD is trading sideways, above upside channel
RSI and MACD corroborate the lack of momentum
A break above 0.9125 could shift the bias to the upside
A dip below 0.9000 may only confirm a larger correction
AUDCAD has been trading in a sideways manner since May 15, staying between the key support of 0.9045 and the 0.9125 resistance. In the bigger picture, the pair remains above the upper bound of an upward sloping channel, as well as above all three of the plotted moving averages, which means that the bulls could take charge again very soon.
The daily oscillators corroborate the notion that the longer-term uptrend has run out of some steam, at least temporarily. The RSI, although above 50, has turned down, while the MACD, even though positive, has dropped below its trigger line.
A break above 0.9125 could signal that the bulls are back in the driver’s seat. Such a move would confirm a higher high and may see scope for advances towards the 0.9230 zone, a territory last tested more than a year ago, on March 22 and 23, 2023.
On the downside, a break back below the 0.9000 round number may signal the pair’s return within the aforementioned upside channel. Thus, the outlook would still be far from reversing to bearish. For that to happen, AUDCAD may need to drop below the 0.8905 territory.
To recap, AUDCAD is consolidating above the upper bound of a prior bullish channel, which implies that the next directional leg could still be positive.免责声明: XM Group仅提供在线交易平台的执行服务和访问权限,并允许个人查看和/或使用网站或网站所提供的内容,但无意进行任何更改或扩展,也不会更改或扩展其服务和访问权限。所有访问和使用权限,将受下列条款与条例约束:(i) 条款与条例;(ii) 风险提示;以及(iii) 完整免责声明。请注意,网站所提供的所有讯息,仅限一般资讯用途。此外,XM所有在线交易平台的内容并不构成,也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
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