Macro technical analysis of AUD-CAD

Macro technical analysis of AUD-CAD

2018/05/29

  • AUD-CAD continues to retrace the fall from the peak of 1.024 to the bottom of 0.955, currently at the 0.98005 level and just below the 38.2% Fibonacci retracement level of 0.9817.
  • Strong resistance comes at 0.9818 – 0.9787 from previous support and resistance levels, currently holding the price from further advancement.
  • On the flip side, the pair had formed a Death Cross in mid May as the 50 DMA crossed below the 200 DMA; however, no reversal has materialised until today.
  • Supporting a potential reversal is the formation of a Doji Star which could potentially develop into an Evening Doji Star should the day close in the red; an Evening Doji Star does not require confirmation and is considered a strong sign of reversal.
  • Support can be identified at 0.97823 (2 Feb 18 low), 0.97886 (19 Oct 17 low) and 0.97863 (18 Oct 17 low).
  • RSI is in a neutral area but trends upward at the 64 level, just below the overbought threshold of 70.

Macro technical analysis of AUD-CAD

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