AUDCAD: At The Crossroads

AUDCAD, H4

On the H4, AUDCAD has formed a rising wedge pattern. The price is sandwiched between 0.8850 support and 0.8890 resistance, with the 50-MA giving additional support for the asset. However, the RSI shows a divergence for the pair.

A break of the lower trendline below 0.8850 will drop the price to 0.8710 level;

However, if the price breaks the upper trendline above 0.8890, it will open the way to 0.8960.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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