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AUD/CAD: Has the Bull ended its run?

AUD/CAD produced a bearish Marubozu candle in the daily chart on Friday. The chart shows that the price had a rejection around the same level earlier. Thus, the sellers may keep their eyes in the pair to go short and drive the price towards the South. Intraday charts show that the price had rejection at the flipped level of resistance once. If the price makes a breakout at today’s lowest low, the pair may offer entries to the intraday sellers. Let us now have a look at three vital charts.

Chart 1 AUD/CAD Daily Chart



The chart shows that the price made a long bullish move. It may have found its resistance around 0.96700. It had a rejection earlier and produced a bearish Pin Bar. Upon finding its support, it headed towards the North again and produced a bearish Marubozu candle on Friday. The sellers may wait for the price to consolidate and produce a bearish reversal candle to go short in the pair below 0.95000. The price may find its next support around 0.92750. On the other hand, if the level of 0.95000 works as a level of support, the buyers may go long in the pair above 0.96700. The price may find its next resistance around 0.97800.

Chart 2 AUD/CAD H4 Chart



The chart shows that the price produced a bearish engulfing candle and headed towards the South with good bearish momentum. The price found its support around 0.95400 and consolidated. As of writing, the last candle has been bearish. If the candle comes out as a bearish reversal candle, the sellers may go short below 0.95400 and drive the price towards the South further. The price may find its support around 0.94800. On the contrary, if the level of 0.95400 holds the price as a level of support and produces a bullish reversal candle, the price may consolidate within the levels of 0.95400-0.95700 before finding its next route.

Chart 3 AUD/CAD H1 Chart



The chart shows that the price after being bullish found its resistance around 0.97020. It produced a bearish engulfing candle and consolidated for a while before producing a strong bearish move. It has been ranging within the levels of 0.95400-0.95750. The level of resistance has produced a bearish engulfing candle. Thus, the sellers may be keen to go short in the pair below the level of 0.95400. The price may find its next support around 0.95000. If the level of support produces a bullish reversal candle and makes a bullish breakout at 0.95750, the buyers may push the price towards the North. The price may find its next resistance around 0.96300.

The daily chart needs time to offer short entries with good risk-reward. However, the H4 and the H1 chart look good for the sellers. Considering these three charts, the pair may end up having another bearish day in the daily chart.

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Monday, 03 Aug, 2020 / 10:26

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