On 21st Sept we published neutral sentiments on Australian Dollar versus Canadian Dollar because of the mixed technical data on the interday time frames while mainly the pair being supported by the 50% fibo retracement level at 0.9250. We also advised to be careful on the expected bearish projections as well on a temporary note ; an impulsive bearish closing below 0.9250 - 0.9200 would indicate that the pair will be going to retest 0.9140 and 38.2% fibb zone at 0.9080. Based on the aforementioned and comparing that with the current market price and structure, we can clearly observe that the pair is retesting high supply and demand zone including the liquidity present at 38.2% fibo level. The pair closing below the 50% fibo was suppose to drive the pair down towards 0.9080 price action but AUDCAD seems to be losing a grip over the bearish momentum. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

As we can observe that Australian Dollar is trying to take support at 0.9150 and portraying chances of bullish continuation of trend based on ; upper trend line to the previous bearish channel is present at high supply and demand zone 0.9150 and so is the lower trend line to our bearish channel in the four hourly time frame. A bullish closing and a move above 0.9250 - 0.9320 would trigger the hawkish rally. On the bearish side, if AUDCAD closed below 0.9080, we can consider that the bears would be in control of driving the pair dovish towards 0.9020 and 0.8920. 

AUDCAD TACKLING A STRONG SUPPORT ZONE

Sep 28 2021