"AUD/CAD: Will Bulls Defend Key Support?"🔹Technical Analysis of AUD/CAD (4H Chart)
🔹Market Overview:
The AUD/CAD pair is currently trading at 0.90344, showing a minor decline of -0.20% in the latest session. The chart indicates a bullish outlook, contingent on price action respecting key support levels.
🔹Key Technical Levels:
▪️Buying Area: 0.9005 - 0.9030 (Highlighted in green)
▪️Demand Zone: 0.8940 - 0.8960
▪️ 1st Target (Resistance): 0.90798
▪️ 2nd Target (Resistance): 0.91361
🔹Trend Analysis:
▪️The price has been in an uptrend from its lows in January, forming higher highs and higher lows.
▪️ The 50-period moving average (red) and the 200-period moving average (blue) are converging, signaling potential support in the buying area.
▪️A retest of the buying zone (0.9005 - 0.9030) is expected before a possible upward continuation toward the 1st and 2nd targets.
🔹Market Sentiment & Trade Plan:
▪️Bullish Bias: If the price finds support in the buying zone and forms a bullish structure, it presents a buy opportunity with a target at 0.90798, followed by 0.91361.
▪️Bearish Risk: If the price breaks below the demand zone (0.8940), bearish momentum could extend further downward.
🔹Conclusion:
Traders should watch for price action signals in the buying zone. A confirmed rejection could provide a strong buying opportunity, targeting higher resistance levels. However, a breakdown below the demand zone would invalidate the bullish bias.
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