Weekly Technical Outlook: AUD/CAD.

Market Forecasts for March 9th – March 13th

Loonie to Rebound

  • Stop loss 0.9827
  • Entry level 0.9701
  • First Target at 0.9591
  • Next targets to test at 0.9540

 

Weekly Technical Outlook: AUD/CAD.
Weekly Technical Outlook: AUD/CAD.

2

Technical Analysis

AUD/CAD on the daily chart has hit the resistance level and was unable to break past the key area. The Fibonacci level at 50 has been a strong rejection area for the pair as the bearish engulfing candle has engulfed previous three candles suggesting that the sellers are over powering the buyers. Also, with the pin bar generated recently, shows a sign that the pair is moving down strongly and should see price at 0.9591 – 0.9540 levels.

Economic

  • Australian Home loans data on Wednesday
  • Australian employment data along with Consumer Inflation      Expectation on Thursday
  • Canadian Housing on Monday
  • Canadian employment data on Friday

 

Area of Interest

  • Price currently at Key resistance level
  • Bearish Engulfing bar engulfed previous three bar a strong      indication
  • Fib level tested at 50 % with bearish Engulfing bars
  • Currently a pin bar suggesting the downside.

 

For more detailed analysis from the author, please visit http://www.noafx.com/

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