FX.co ★ Technical Analysis of Intraday Price Movement of AUD/CAD Cross Currency Pairs,Tuesday May 21, 2024.

If we look at the 4-hour chart of the AUD/CAD cross currency pair, we will see a deviation between the price movement which forms the Double Top and the Stochastic Oscillator indicator, even though the 20 EMA is still above the 50 EMA, but the appearance of this deviation gives an indication that in the near future AUD/CAD has the potential to be corrected down, where the level of 0.9053 will be tested in the near future. If this level is successfully broken downwards, then 0.9009 will be the main target to be aimed at and if the momentum and volatility are supportive then the level of 0.8918 will be the next target that will be tried to be tested. However, if on its way to these levels suddenly strengthening occurs which penetrates above the 0.9122 level then all the scenarios previously described will become invalid and automatically cancel themselves.

(Disclaimer)