AUD/CAD: At strong support

Sachin Kotecha Sach Capital Limited

If we look at the daily chart of AUDCAD, we can see that the price is at a strong support level of 0.95392. Tenkan Sen is flat, indicating that we are likely to see some consolidation in the short term. Future Kumo is bearish with Senkou Span A diverging From Senkou Span B, suggesting lower prices to come. Should the support level at 0.95392 be broken, then a short position would be favoured.

Author

Sachin Kotecha

Sach Capital Limited

Sachin Kotecha started currency trading in 2005 whilst at University studying Mechanical Engineering. Sachin continued trading whilst going on to do a Master/PhD in Engineering and trading part time whilst being employed as a University Academic.

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