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Trading the AUDCAD pair. What is going on?

Apr 9 2019, 07:23 PM (BDT) |

The Australian dollar is trying to reverse. We think that bulls can finally gain ground but before doing it, they have to break the resistance level. Here is our analysis.

Technical analysis

On 1D TF the pair is approaching the 200 EMA. Unfortunately for bulls, the volume is getting down, which means that this level can be difficult to overcome.

On the working 4H TF the trend line is heading upward. The local trend is bullish. The Parabolic SAR is approaching the price and getting ready to reverse. The ADX indicator began to rise. The MACD line is trying to break the signal line.

Results: if the pair breaks the 0,9540 level, it will be possible to open long positions with the nearest target at 0,9600.

Fundamental features

Canada published its building permits on Monday. The reading was negative (-5,7%). Now we are looking forward to data on February new housing price index, which is to be released on Thursday. As for the Australian economy, this week is quite calm–there is almost no financial news.

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