AUDCAD – Approaching Multi-Year Support Zone. Time To Buy? | Mar 21

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AUDCAD – Testing Multi-Year Support Zone (weekly chart)

Price Action Context

Selling off 3 of the last 4 weeks and continually printing lower highs, the AUDCAD forex pair has been weakening since 2017 and has now produced 2 LH’s and is now attacking a multi-year support zone.

audcad-forex-trade-setup-2ndskiesforex

Trend Analysis

Looking at the long term corrective structure, while the pair was stable between 2013 and 2017 continually hitting the 1.0250 resistance level, lately the pair has been breaking down and weakening. This IMO suggests the more likely breakout of this structure will be to the downside.

Key Support & Resistance Levels

R: 9750, 1.0250

S: 9230, 9100

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