Trade of the Day: AUD/CAD
By: Dima Chernovolov
AUD/CAD recently broke the key 30-minute resistance level 0.8974, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. AUD/CAD is expected to continue to rise toward the forecast price 0.8998.
As can be seen from the daily AUD/CAD chart below – the price recently reversed up from the key support zone located between the multi-month support level 0.8900 (former strong support from January) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability AUD/CAD will continue to rise toward the forecast price 0.8998.