Commentary:

- We can see that the pair has been in a state of decline since the end of November 2016. Despite some subjectivity, the indicated trend line touches four price extremes formed in the downtrend.

- We can also see that the pair touched several times the level of 0.91500, which has established itself as a solid support level.

- The drop below this level in September last year was held with a relatively small objection from buyers, after which the level was re-affirmed as resistance. During the upward correction from the beginning of March, the pair returned to this level.

- Given the fundamental expectations for AUD, the trading idea may consist in a short position on the pair with a short stop loss in the area of intersection with the trend line and wide profit target which can be corrected later.

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audAUDCADaudcadshortBeyond Technical AnalysisCADTrend Analysis

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