AUD/CAD Price Analysis: Brears seeking a retest of hourly support structure

AUD/CAD hourly bearish engulfing is encouraging price action for the bears.
AUD/CAD double top fuelling a bearish set-up.

Ross J Burland FXStreet

The price action of AUD/CAD is compelling from an hourly perspective with the recent correction of the prior bearish impulse well and truly running out of steam.

Hourly chart

15-min chart

The price has dropped below the 21-hourly and 21-min EMAs which exposes the downside.

A retest of the prior 15-min support structure might be the next phase in what is otherwise expected to be a downside continuation to test the hourly demand area of the chart in the 0.9330/50s.

A break of 0.9360 will be a promising development for the bears.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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