AUDCAD One Low to go inside the Channel Down.

22 Sep 2023

The AUDCAD pair has been trading within a Channel Down since the February 09 High, having failed to achieve any 1D candle closing above the 1D MA50 (blue trend-line) since July 26. The current price action resembles the start of the Channel Down. Based on symmetry, we have one last Lower Low to achieve and then we should be expecting a rebound to test the 1D MA50. We will buy just below Support 2 (0.85915) and target 0.8700.

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