© Dukascopy Bank SA
Australian Dollar is estimated to resume falling, as soon as bulls push the researched currency pair up to the pattern's upper trend-line, weekly pivot point and 100-hour SMA at 0.9270. This resistance area is highly unlikely to give up, and we project the cross to regain bearish momentum in the long run. This scenario is shared by technical indicators. In the short term they support bulls, while the outlook tends to deteriorate on both medium and long term time frames. When bears get control over the market, the main target for them will be placed at 0.9132 (lower trend-line). Meanwhile, market sentiment is broadly mixed with respect to AUD/CAD for the time being.
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