AUD/CAD Testing Crucial Supports: Will a Breakout Trigger a Sell Signal?
03 October 2024
In today's technical analysis, we’re zooming in on the Australian dollar to Canadian dollar pair, which is currently sitting at a critical juncture. On the hourly chart, the price is testing two key supports: a mid-term uptrend line, highlighted in blue, and a horizontal support line marked in yellow. The interaction at this point will dictate the next major move for this currency pair.
If the price breaks below these supports and closes the day under both lines, it will likely trigger a short-selling opportunity. Conversely, if the price bounces off these supports and begins to edge higher, it could signal a bullish move, creating a strong buy signal. Given the mounting pressure on the support levels, the likelihood of a breakout to the downside seems slightly higher at the moment, but it’s crucial to keep a close eye on the market’s next move.