AUD/CAD TECHNICAL PRICE FORECAST: BEARISH The Australian Dollar’s breakdown against the Canadian Dollar has pushed AUD/CAD lower since its February swing high. Price action has formed a Falling Wedge pattern, and while is in itself bullish , prices may continue lower until a break above the pattern’s upper limit occurs. Another notable event in price action occurred last week, with a break below the 200-day Simple Moving Average ( SMA ). The currency pair subsequently moved higher near the end of the week and now sits nearly square with the major SMA . Moreover, current action lies with an area of price congestion from the November-December range. All things considered, the wedge’s upper and lower limits will be key to watch.



more…

READ  Sell EURNZD for OANDA:EURNZD by MMDFX