AUDCAD - Repeat motion 2 months ago - D1

Wednesday, January 1, 2020 8:13 PM

In the AUDCAD pair given the current market conditions one can expect a downtrend. To describe this, it should be noted that the price has reached the resistance level of 0.9132 . In the past few days, the price has hit the forecaster reaction level and the uptrend has been downtrend. Also, the price index on the Fibonacci index of 38.2 reinforces this hypothesis.

Therefore, we expect a steep drop in the price with the index of 0.8832 .

The pair of AUDCAD currency pair support and resistance key points are as follows :

S1 : 0.9090

S2 : 0.9262

S3 : 0.9030

&

R1 : 0.9142

R2 : 0.91473

R3 : 0.9195

The 200 day moving average also indicates the start of the downtrend.

January 1 : Central Bank releases Boc report to simplify investment in Canadian economy

January 7 :Publication of the Canadian Production Managers Acquisition Book by Richard University Research

January 9 : The Australian Trade Balance Release is compiled and published by the Australian Bureau of Statistics.

January 9 : Monthly issuance of issued monthly construction licenses

January 10 : Canadian unemployment rate released

January 10 : Canadian net employment statistics released based on employment created minus the number of unemployed in Canada

The pair's examination of AUDCAD in terms of political economic news is as follows:

It should be noted that Australia's main trading partner is China. So the Chinese and Australian economies have close relations, and the Canadian economy is also dependent on oil and oil exports. Global developments in the field of oil and direct OPEC meetings affect the value of the Canadian currency.