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Buyers Back Testing The Trend | Forex | AUDCAD

Published: 24.08.2023
by Joseph Jeffriess

Today’s focus: AUDCAD

Pattern – Reversal
Support – .8665 – .8625
Resistance – .8765 – .8790

AUDCAD has posted four positive sessions in a row.
• Could this be the start of a new, longer rally or a counter-trend?

Today, our focus is on the AUDCAD as the price continues to rally after posting a failed low at an area of demand. Since that test, we have seen 1.09% added as buyers continue to drive a counter rally.

From here, we want the price to maintain its buyer momentum. If we see a new retracement, we would like it to stay around the 50% point of the current rally. A move back to support could be a worry about buyer strength.

A move back up to test or break resistance would be positive, but for any new tests, we want to see HL and HH breaks to show trend strength. It’s not the first time we have seen a pattern like this, so the pattern of trend is rather important to tell us if this is anything more than a deep counter-trend.

Have a great day and good trading.

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