AUD/CAD: 4-hour
Think the trend is your friend? Better take a look at this falling trend line setup on AUD/CAD then! Price has been forming lower lows since last month, just recently dipping to the .9500 major psychological support before making another pullback attempt. The pair could retrace until the falling trend line, which lines up with the 61.8% Fibonacci retracement level on the latest swing high and low on the 4-hour forex chart. Stochastic is still heading north, which means that buyers have enough energy to push AUD/CAD a bit higher for now. Do watch out for potential reversal candlesticks around the 50% Fib as well!
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