AUD/CAD Plausible price action

22 de mar. de 2018

Hi, traders! Let's take a look at the obvious trend - we have a few tops and a few bottoms. If the 1st top and 1st bottom are real, then we have a lower bottom than before which is a sign of trend reversal. In case it is false, then, we have two options: to have a higher top and continue the trend or have a lower one and reverse the trend. Currently, the RSI is oversold and the price is near the support line. On Friday ( tomorrow, March 23rd ) we are having important news about CAD - the CAD Consumer Price Index with the expectancy for 0.3% gain. In case the forecast is true or the actual % is even higher the CAD will seem more appetizing and more people will intend to have some, therefore its price will increase and AUD/CAD will consequently decrease. What is more, we had bad news about AUD with negative employment increase and higher unemployment %. Both important news were negative and we have the expectancy for good news about CAD. Let's wait until tomorrow and see what will happen.