AUDCAD - D1 Forecast
The Aussie has been in rapid decline as the nation is enduring it's pre-election period!
At these times many nations take advantage of devaluing their currency, making commerce cheaper in order to bring back Foreign Investors. In turn this flourishes the economy post election. On a fundamental basis a short is most probable, and TA supports this idea. The 0.93220-0.93520 acts as a strong sell wall given that price has already closed below previous support. Look left and you will discover that price has made 3 attempts to break this major level. There is little chance it can make it back above support, unless fundamentals ensue a strong reversal to the upside. Targeting 0.92200-0.91700 for next bearish extension.
At these times many nations take advantage of devaluing their currency, making commerce cheaper in order to bring back Foreign Investors. In turn this flourishes the economy post election. On a fundamental basis a short is most probable, and TA supports this idea. The 0.93220-0.93520 acts as a strong sell wall given that price has already closed below previous support. Look left and you will discover that price has made 3 attempts to break this major level. There is little chance it can make it back above support, unless fundamentals ensue a strong reversal to the upside. Targeting 0.92200-0.91700 for next bearish extension.
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