Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
AUD/CAD: the range is about to break
2019-11-11 • Updated
SELL 0.9155; TP 0.9130; SL 0.9165
BUY 0.9220; TP 0.9250; SL 0.9205
AUD/CAD is consolidating in the narrow range between 0.92 and 0.9160 for the fifth day. On the one hand, there’s bullish divergence on D1 and an advance above 0.92 will open the way up to 0.9215 and 0.9250 (50% Fibo of the June decline). On the other hand, the fall below 0.9160 will be in line with the major downtrend and lead the pair towards 0.9130 and probably lower. All in all, in the most short-term, the pair will more likely remain under pressure.
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