- Analytics
- News and Tools
- Market News
- AUD/CAD Price Analysis: Continues rising in short-term uptrend
AUD/CAD Price Analysis: Continues rising in short-term uptrend
- AUD/CAD extends its sequence of rising peaks and troughs in a short-term uptrend.
- Given the bias for trends to extend the pair will likely rise towards the next target subject to a break above the 200-period SMA.
AUD/CAD has established a sequence of rising peaks and troughs since it found a floor and reversed course on August 5.
It is now probably in a short-term uptrend which given “the trend is your friend” is more likely to continue rising than not.
AUD/CAD 4-hour Chart
The 200-period Simple Moving Average (green) lies above the current market level and appears to be acting as a resistance level. A break and close above the 200 SMA would provide confirmation of a continuation of the short-term uptrend. Such a break would also constitute an important milestone overcome, as it is the last significant SMA on the way up.
The next target higher is resistance at 0.9190 from legacy lows.
The Relative Strength Index (RSI) momentum indicator has not risen into overbought territory yet suggesting the market is not at risk of a pull back.
A break below 0.9020 would bring into doubt the short-term uptrend and might indicate a change to a more bearish environment.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
