AUDCAD (1H) - short term bearish bias
The Australian dollar came under pressure in the 0.9020 area near the previous high. Diverging RSI in the over-bought zone foreshadowed a potential reversal in the making. The confirmation was given by a break of the 0.8980 support level and a bearish MA cross earlier this morning. We expect the price to test the immediate support at 0.8950, a break of which could lead to a sell-off towards 0.8910.
Key support: 0.8950
Key resistance: 0.9000
The Australian dollar came under pressure in the 0.9020 area near the previous high. Diverging RSI in the over-bought zone foreshadowed a potential reversal in the making. The confirmation was given by a break of the 0.8980 support level and a bearish MA cross earlier this morning. We expect the price to test the immediate support at 0.8950, a break of which could lead to a sell-off towards 0.8910.
Key support: 0.8950
Key resistance: 0.9000