We have recently identified the horizontal Resistance Key Level 1.0125 (of the type Approach) on the 4-hour AUD/CAD charts. The significance of this level if measured at the 4-bar level – reflecting the fact that the price has recently reversed four times from this resistance level. The pair is expected to rise toward this level in the nearest time – continuing the predominant uptrend visible on the daily and the weekly AUD/CAD charts. This bullish scenario is reinforced by the fact that the price has recently reversed up from the strong combined support area lying at the intersection of the following support levels: the 38,2% Fibonacci Retracement of the previous upward price thrust from the June of 2010, the parity and the longer-term support trendline from the February of 2009 (as is show on the second chart below). The pair is expected to rise toward the Key Level 1.0125 in the nearest time.
The following weekly AUD/CAD chart demonstrates the aforementioned technical price levels:
AUD/CAD" title="AUD/CAD" width="590" height="598">
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AUD/CAD At Horizontal Resistance Key Level 1.0125
Published 06/05/2012, 06:35 AM
Updated 03/09/2019, 08:30 AM
AUD/CAD At Horizontal Resistance Key Level 1.0125
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