Trade of the Day: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to rise in the direction of the 30-minute key resistance level 0.9535 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five earlier price reversals from this price level. AUD/CAD is expected to continue to rise toward the resistance level 0.9535.

As can be seen from the daily AUD/CAD chart below – the price earlier reversed up from the major support level 0.9460 (which has been reversing the price from last November), standing near the lower daily Bollinger Band. The proximity of this support level and the oversold daily Stochastic increase the probability AUD/CAD will continue to rise toward the resistance level 0.9535.