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.

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.

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