Long-term and short-term analysis of the Australian dollar's performance against the US dollar.
USD/CAD: price to test local high
Information is not investment advice
There's a 'Tower' pattern, which has been confirmed, so we've got an ongoing bearish correction. At the same time, there's an 'Inverted Hammer', so the market is likely going to reach the previously tested resistance at 1.3455. The subsequent pullback from this level could lead to a decline towards the 89 Moving Average (1.3294).
A local flirting with the resistance or a serious intention to break through? We will examine the price action of GBP against CHF on high timeframes to answer this question.
The bearish bias appears to start losing power. The market reversal upwards is still to be confirmed.
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USD/CHF continues its December descent. The pair’s attempt to return above the 0.9845 area has failed.
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