Australian Dollar Crosses Search for Direction
AUDCAD– AUD/CAD has made a massive triple bottom with daily lows from 6/13 (.8142) , 6/21 (.8122) , and 6/29 (.8119). The triple bottom along with bullish divergence on the daily points to a turn in this pair. Favoring the bullish stance is the 78.6% fibo of the .7502-1.0546 April 2001 to February 2004 bull wave at .8156. CCI on the daily has crossed above 0 and MACD slope is positive. The hourly chart shows that a correction of the rally from .8119-.8310 has found support at the 38.2% fibo of that rally at .8237. Additional weakness probes the 50% and 61.8% fibos at .8214 and .8192.
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