Trade of the Day: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to rise toward the key 15-minute resistance level 0.9532 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the four previous price reversals from this price level. AUD/CAD is expected to continue to rise toward the resistance level 0.9532.

As can be seen from the daily AUD/CAD chart below – the price earlier reversed up from the support area lying between the key support level 0.9460 (monthly low from December) and the lower daily Bollinger Band. The proximity of this support area adds to the probability AUD/CAD will continue to rise toward the key resistance level 0.9532.