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AUDCAD Confirms Negativity – June 28, 2024

AUDCAD Price Analysis

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The AUDCAD price has recently confirmed its adherence to a correctional bearish bias, marked by multiple closures below the 0.9174 barrier. This has led to the formation of successive downward waves, stabilizing near 0.9095.

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Expected Scenario

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Currently, the price is engaged in sideways trading, influenced by stochastic indicators rallying above the 50 level. This suggests temporary consolidation until sufficient negative momentum accumulates to resume downward pressure. The next critical level to watch is the 50% Fibonacci correction level at 0.9055. A breach of this level could potentially trigger further declines towards subsequent support levels at 0.9020 and 0.8980.

Expected Trading Range

The anticipated trading range for today is between the recent high at 0.9125 and the potential support level at 0.9055.

Trend Forecast: Bearish

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