The AUDCAD currency pair has recently encountered significant resistance near the 0.9100 level, which has contributed to a continuation of negative momentum. This resistance, coupled with bearish signals from major technical indicators, has triggered multiple downward price waves, leading to a decline and a current settlement around 0.8985.
Short-Term Outlook: Bearish
We expect further downside in the AUDCAD pair, with an attempt to test the initial support at 0.8930. Should the price break below this level, additional downside pressure could emerge, pushing the pair towards the 0.8870 level. A deeper decline could eventually test the 61.8% Fibonacci retracement level at 0.8810, marking a potential target for the bearish move.
Trading Range for Today (December 23, 2024)
- Support levels: 0.8870, 0.8810
- Resistance levels: 0.9030, 0.9100
Trend Forecast: Bearish
Given the current technical structure and momentum, the outlook for the AUDCAD pair remains bearish for the day. Traders should monitor the 0.8930 support level closely, as a break below it would confirm further downside potential in the short term.
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