AUDCAD:Bearish stocks and potential downsides
Atualizado
Hey Traders, in today's trading session we are monitoring AUDCAD for a selling opportunity around 0.88200 zone, AUDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 0.88200 support and resistance area.
The prevailing bearish sentiment in the stock market is poised to exert downward pressure on AUDCAD, primarily due to the pair's correlation with equities. As AUD is considered a commodity-linked currency and often moves in tandem with global stock markets, the recent downturn in stocks has contributed to a positive correlation between AUD and AUDCAD. Consequently, the ongoing bearish momentum in equities is expected to translate into downward movements in AUDCAD, reflecting the interconnectedness between currency pairs and broader market dynamics.
Trade safe, Joe.
The prevailing bearish sentiment in the stock market is poised to exert downward pressure on AUDCAD, primarily due to the pair's correlation with equities. As AUD is considered a commodity-linked currency and often moves in tandem with global stock markets, the recent downturn in stocks has contributed to a positive correlation between AUD and AUDCAD. Consequently, the ongoing bearish momentum in equities is expected to translate into downward movements in AUDCAD, reflecting the interconnectedness between currency pairs and broader market dynamics.
Trade safe, Joe.
Comentário
Decent rejection of the trend, but from the resistance area below of 0.88150
Join our telegram Channel for daily market updates t.me/JoeChampionChannel
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.