AUDCAD continues GROW in channel

Jan 20, 2021

At the beginning of this year, the price of the currency pair showed strong growth, during which it broke through the 0.987 resistance line - formed in September 2019 - and came to the 0.990 resistance line. After touching this line, the price reversed in the fall and stopped only at the 0.981 support line. These two lines formed a descending channel, in which the price is moving now.

During the fall in the channel, the price left the zone of the senior resistance line and continued to fall. At the beginning of this week, the fall stopped at the support line of 0.979. The price pushed off from this point and started a new growth.

I expect that the growth in the channel will continue and through the correction the price will come to the resistance line - the upper border of the channel - 0.986.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻