Trade of the Day: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to rise toward the key resistance level 0.9192 which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the Significance of this key resistance level at the 3-bar level – which is the result of the 3 previous price reversals from this resistance level. AUD/CAD is expected to continue to rise toward the resistance level 0.9192.

As can be seen from the daily AUD/CAD chart below – the price earlier reversed up from the major support zone located between the support level 0.9100 (previous monthly low from August) and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability AUD/CAD will continue to rise toward the resistance level 0.9192.