AUDCAD between support and resistance

AUDCAD has been in a consolidation since april. The lower boundary coincides with the fibo 50%.

The market tested this support for the third time and where we see demand response. These increases are generally weaker than the earlier movements.

A number of upper wicks and candles, two pin bar may indicate that the decline will continue.

It should also be noted that these increases are only accessible fibo 50% of the last downward impulse. If the markets reaches the lower boundary, we expect that the support is broken.

Chart H1: Here we notice, however, that the trend will continue downward. But first we would need to break out of the rising trendkanalen.

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