AUD/CAD has taken a refreshing bean from its bearish trend and seems to be still waiting for its next move!
Do you think the resistance of the 4 hour range will hold for another day?
take a look!
Forex AUD/CAD for 4 hours Graphics by TV
In case you missed it, AUD/CAD started a downtrend in mid-January and is now trading around 500 pips from its 2023 highs.
Fast forward to today and it looks like the AUD/CAD is range trading.
For one thing, simple moving averages (SMAs) move in a flat direction rather than sloping down.
Currently, AUD/CAD is consolidating below the psychological handle of 0.9100 which is also the top of the 150 point range on the 4-hour time frame.
Apart from the rejection at 0.9100, Stochastic is also motivating the Australian bears with an ‘overbought’ signal.
Can sell the range who is convinced that AUD/CAD will maintain its range at current levels and aim at 0.9025 range or 8950 range support.
I believe that AUD/CAD trading above the 100 and 200 SMA means that the pair is ready to break out to Upside down?
You can also wait for a clear breakout above the 0.9100 resistance and trade a possible trip to 0.9170 or 0.9215 inflection point.
Whichever direction you choose to trade, make sure you practice your best risk management moves so you can trade for another day!