OANDA:AUDCAD   Australian Dollar/Canadian Dollar

The counter AUDCAD forms a descending channel . The counter's prices is moving between the top and bottom line of the channel from 05th February. The formation of the descending channel indicates the counter is in a bearish mode. The price is accumulating near the top line of the channel for the past 24hrs. Since the price didn't break the top-line, the bearish mode may continue further. The down-sloping movement of the MACD curves gives additional support to the description. If it breaks the top line of the channel, then there may be a chance of trend reversal.

The major levels for this counter are

R2 –0.9789
R1 –0.9767
PP –0.9751
S1 –0.9728
S2 –0.9712


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