AUDCAD – Further Downward Move Likely

Sachin Kotecha Sach Capital Limited

If we look at the daily chart of AUDCAD, we can see that the price has broken through Tenkan Sen on last Friday’s session, which was acting as a support level throughout Thursday session. Future Kumo is bearish, and the Chikou Span is away from the price at least for the next trading week, showing potential for a further drop in price.

Looking at the 4-hour chart, we can see that the price has found support on Senkou Span B. Tenkan Sen and Kijun Sen is downward sloping indicating there is selling momentum behind the move. Chikou Span is free of the price but is yet to break out of the Kumo. There is a bearish twist in the future Kumo, a good indication that the price is going to continue its downward trend.

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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